A week ago, Ethereum layer two scaling solution Arbitrum announced the launch of its native token called ARB, and IOU markets have since launched giving an indication of how much the token may be worth. The ARB claim starts on March 23 and when people get their coins on exchanges, the value of the token can turn out to be very different. Currently, ARB has been changing hands between $5.41 and $7.92 per unit for the last 24 hours.
ARB token sees IOU trading volume, but market value can change significantly after actual tokens start trading
A new digital asset is entering the cryptocurrency economy after layer two scaling solution Arbitrum announced the launch of its governance token last week. After the announcement, several centralized cryptocurrency exchanges launched IOU markets that people can trade on, but they only represent ARB’s market value before launch.
The ARB claim begins on March 23 and the Arbitrum airdrop is highly anticipated. Cryptocurrency market price aggregation website coinmarketcap.com (CMC) lists the current value of ARB across exchanges that have launched note markets. According CMC datathe ARB IOU token reached an all-time high of $14.02 per unit on March 19.
Since then, the IOU token has fallen 51.43% from its all-time high three days ago. ARB IOU tokens also recorded an all-time low of $2.81 per unit and current prices are 140% higher at $6.88 per coin. While 24-hour metrics show prices between $5.41 and $7.92, the IOU has seen $8.7 million in global trading over the past day. At the time, ARB markets lost nearly 8% against the US dollar on Wednesday, 15 hours before ARB claims begin.
The Dune Analytics cryptocurrency analysis platform shows several ARB airdrop tracking tools ready to go on March 23. When claims begin, the tools feature counters that highlight the total ARB claimed, the number of unique ARB holders, and other allocation data.
The current IOU value of the ARB token is higher than the OP of the Optimism native governance token. The current value of OP it costs about $2.53 per unit and there is a circulating supply of 314,844,141 OPs. As mentioned above, once the actual ARB tokens begin trading, the market value can change significantly, and the IOU token’s all-time high and low indicate that these changes are likely to continue for some time.
What do you think about the upcoming ARB token airdrop and its potential impact on the cryptocurrency market? Share your thoughts in the comments below.
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