According to data from CryptoQuant, there has been a significant decrease in on-chain activity for ARKM, the native token of blockchain analytics platform Arkham Intelligence, following its recent airdrop. As of July 30, active addresses have decreased by 99%, resulting in a 98% decline in transaction volumes.

Out of the 63,700 wallets that received the airdrop, 95% chose to sell their tokens, with 80% of recipients liquidating their entire holdings. This has led to a fall in ARKM prices, which are currently trading at $0.553, and the project's market capitalization is approximately $83 million from a circulating supply of 150 million tokens.