Arbitrum (ARB) Whales on the Move: Token Unlock Shakes Up Crypto Market as Gas Fees Plummet

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.

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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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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Samuel Munene
Samuel Munene

Samuel is a vesatile and seasoned content editor with a sharp eye for detail and a passion for writing. Web3 techonology is the future! With massive experience in the publishing industry, I specialize in refining and enhancing written material to ensure clarity, coherence, and engaging narratives.