On Thursday, the Arbitrum airdrop claiming process went live and $ARB markets dropped more than 85% lower than pre-IOU market prices recorded the day before. Arbitrum airdropped just over a billion $ARB tokens, or 11.6% of the total supply. At noon ET, more than 474 million tokens had been claimed.
Wild Volatility for $ARB Token: Prices Range from $1.10 to $11.80 per Unit Following Airdrop
At block height 16,890,400, around 9 a.m. ET, the Arbitrum airdrop claiming process began and distribution of 11.6% of the supply started. The day before, Bitcoin.com News reported on exchanges listing IOU $ARB markets just before the real $ARB token launched on Thursday. At that time, $ARB’s value in U.S. dollars was more than 85% higher. At the time of writing, a single $ARB was trading for $1.25 per unit. The $ARB token has seen wild volatility over the last 12 hours with prices ranging from $1.10 to $11.80 per $ARB.
$ARB’s price has been down despite bitcoin nearing $29,000 and ethereum rising to $1,855 per unit. $ARB trade volume is much higher than the $ARB IOU volumes recorded yesterday at $8.7 million. In the past 24 hours, roughly $849.81 million in $ARB volume has been recorded. The top three crypto exchanges with the most $ARB trading activity are Binance, Okx, and Bybit.
With 1.275 billion $ARB in circulation, 474 million have been claimed by 244,255 unique addresses. Thirty-nine percent of eligible addresses have been claimed and more than 40% of the airdropped $ARB has been received by recipients. At $1.25 per unit, $ARB’s overall market valuation was $1.6 billion on Thursday afternoon at noon ET.
What do you think about the Arbitrum airdrop and its impact on the crypto market? Share your thoughts in the comments section below.
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