ARKM crypto rallies 55% following Upbit listing but fails to hold onto gains

ARKM rallied as high as 55% after securing a listing on the South Korean crypto exchange Upbit but lost most of its gains within hours.

In a March 11 X post, Upbit Korea announced that it had added the altcoin to its USD market, with trading starting at 16:00 KST on Tuesday, March 11, 2025.

Arkham (ARKM) formed a “god candle,” surging from $0.47 to $0.70 within 10 minutes following the announcement. Its market cap exceeded $220 million at that time, while its daily trading volume hovered around $154 million.

The gains also coincided with Arkham Exchange’s launch in China on the same day, which sparked significant interest among its community.

Arkham Exchange is a cryptocurrency trading platform launched by Arkham Intelligence in November 2024. The platform offers spot and perpetual trading services, integrating advanced analytics and real-time market data tools. 

ARKM is the native token of the Arkham ecosystem and is used within the exchange for trading fee discounts, incentive programs, and potential governance participation.

The expansion into China likely boosted demand for ARKM as more traders and investors in the region gained access to the platform.

Lately, whales have been showing interest in ARKM, with Santiment data revealing a jump in the number of large holder addresses holding between 10,000 to 10 million ARKM tokens compared to the previous day. Such an increase in large holders suggests accumulation among whales, who may see long-term potential in the altcoin rather than focusing on short-term profits.

Further, CoinGlass data shows consistent net outflows from exchanges since mid-January.

However, despite these catalysts, ARKM had lost most of its gains and was up only 5.8% over the past day as of press time, while its daily trading volume surged threefold during the period to $366 million.

ARKM price analysis

On the 1-day USDT chart, ARKM is trading above the descending trendline it had been stuck in from Dec. 7 to Feb. 22, signaling a potential break from its prolonged bearish trend.

The MACD and signal lines remain close to each other and below the price level, indicating weak bullish momentum. This is reinforced by a Relative Strength Index reading of 37, well below the neutral 50 mark.

As such, ARKM may struggle to establish a sustained uptrend unless buying pressure increases significantly. While it has technically broken out of its downtrend, stronger bullish confirmation is needed for further gains.

However, some indicators suggest an underlying demand that may help counteract selling pressure. 

According to CoinGlass data, derivative traders have been betting more on ARKM’s price moves, with open interest in the futures market jumping over 100% in the past day. 

Meanwhile, social sentiment toward the altcoin has recently turned positive, notably due to the recent developments.