On Thursday, Arbitrum’s Airdrop claim process was launched and ARB markets fell more than 85% below pre-note market prices recorded the previous day. Arbitrum airdropped just over 1 billion ARB tokens, or 11.6% of the total supply. As of noon ET, more than 474 million tokens had been claimed.
Wild Volatility for ARB Token: Prices Range Between $1.10 and $11.80 Per Unit After Airdrop
At the height of block 16,890,400, around 9 am ET, the Arbitrum airdrop claim process began and distribution of 11.6% of the supply began. The day before, Bitcoin.com News reported on exchanges listing IOU ARB markets just ahead of the actual ARB token launch on Thursday. At that time, ARB’s value in US dollars was more than 85% higher. At the time of writing, only one ARB was trading for $1.25 per unit. The ARB token has seen a lot of volatility in the last 12 hours with prices ranging from $1.10 to $11.80 per ARB.
ARB price is down despite Bitcoin approaching $29,000 and Ethereum rising to $1,855 per unit. ARB trade volume is much higher than ARB IOU volumes recorded yesterday at $8.7 million. In the last 24 hours, approximately $849.81 million in ARB volume was recorded. The top three crypto exchanges with the most ARB trading activity are Binance, Okx, and Bybit.
With 1.275 million ARBs in circulation, 474 million have been claimed by 244,255 unique addresses. Thirty-nine percent of eligible addresses have been claimed and recipients have received more than 40% of the airdropped ARB. At $1.25 per unit, ARB’s overall market valuation was $1.6 billion as of 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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