ARB Token Airdrop: Just 16% Claimed, Massive Sell-Off Leads to 90% Price Drop
Native Token of Arbitrum Released into Cryptocurrency Market
ARB Token Drops Almost 90% from IOU Price
Block Explorer and Claim Website Crash Due to Overwhelming Demand
Only 16% of ARB Airdrop Claimed According to Nansen Analytics
Small Number of Exchanges Responsible for Majority of Daily Trading Volume
Significant Volatility in ARB Price Due to Low Claim Rate
Key Points:
The long-awaited native token of Arbitrum, ARB, was released into the cryptocurrency market amid great anticipation. However, the token’s value has plummeted by almost 90% from its IOU price and is currently trading at around $1.
Despite warnings of potential crashes, users were still able to claim tokens from the smart contract independently after the official token claim launch. However, only 16% of the entire supply of ARB has been claimed, according to data supplied by Nansen analytics.
This low claim rate has resulted in significant volatility in the price of ARB, as a small number of crypto exchanges are responsible for the majority of the daily trading volume. After the first airdrop, the price of ARB experienced a massive sell-off, resulting in a 90% price drop.
As of now, ARB is trading at a 77% discount from its peak IOU price and is experiencing significant price fluctuations due to the low claim rate. Additionally, 1.16 billion ARB tokens are part of the airdrop, representing 11.6% of the total supply, with another 113M tokens available for distribution to certain DAOs on the Arbitrum network.
In conclusion, the ARB token airdrop has faced setbacks and delays, leading to a low claim rate and significant volatility in the token’s price. It remains to be seen how the market will respond to the release of ARB and whether it can recover from its initial price drop.
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