Arbitrum, a Layer-2 scaling solution for Ethereum, experienced a flurry of activity following a significant token unlock event on March 16th. This event saw the distribution of 1.1 billion ARB tokens to investors, team members, and advisors simultaneously.
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Whales Move Tokens to Exchanges
In the aftermath of the unlock, data from Lookonchain (@lookonchain) revealed that 11 whales deposited a combined total of 34 million ARB tokens, valued at approximately $58 million, into various cryptocurrency exchanges.
Additionally, Token_Unlocks (@Token_Unlocks) reported that a massive 587.24 million ARB tokens, worth over $916.09 million, were claimed and moved from the project’s vesting wallet.
Moreover, just two hours after the token unlock, Larvandweb3.eth (@Larvandweb3), a blockchain enthusiast, observed that Arbitrum’s gas fees had plummeted by a 80%. Consequently, users now only require around $0.01 or 0.000004 ETH to complete transactions on the Arbitrum chain, a remarkable achievement in the realm of scalable blockchain solutions.
Price Correction and Market Impact
In response to the significant token distribution and subsequent market dynamics, the Arbitrum (ARB) token experienced a notable correction in its price. According to data from CoinMarketCap, at the time of writing, the ARB price stands at $1.58, with a 24-hour trading volume of $1,237,976,451. However, the token has undergone a 7.95% decline in value over the last 24 hours.
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Show more +Token unlock events, particularly those involving substantial amounts of tokens, often trigger concerns surrounding potential market sell-offs. The distribution of a large number of tokens to investors, team members, and advisors can lead to increased selling pressure, potentially causing a notable drop in the native token’s value in the short term.
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