Key Points:

  • Following the Arbitrum mega airdrop, a huge number of ARB holders sold all of their tokens, totaling 669,920,331 ARBs sold to the market.

  • The price of ARB has dropped several times, but there was one “lucky” wallet address that sold this coin at 10.29 USD.

Following its listing on exchanges, several customers sold all of the ARB tokens obtained in the initial Arbitrum Airdrop.

After a long wait, the ARB token was ultimately released and Airdropped to eligible users on the evening of March 23. However, during the first hour, Arbitrum‘s official airdrop page faced a problem when too many people attempted to claim tokens at the same time.

Some people continue to try to claim using alternate techniques such as Arbiscan. With a huge number of Arbitrum tokens being Airdropped to users, there was a massive sell-off of ARB tokens quickly after the successful token unlock. ARB has gone from more over $10.29 to as low as $1 on the Kucoin platform. The cryptocurrency began trading at $7.50 on ByBit, but plummeted to $1.5 within minutes.

Only 1 address successfully sold ARB for 10.29 USD using the Uniswap ARB/USDC pool, generating 64,340 USD with 6250 ARB tokens. Some individuals also sold them for 4.5 USD, however the price immediately fell to 1.5 USD as numerous people claimed and sold them successfully.

According to SpotOnchain data, 475,958 wallet addresses have claimed ARB coins out of a total of 625,143 wallet addresses that match the requirements to acquire ARB. The total number of ARB coins successfully claimed is 897,346,625 ARB, and 381,203 wallet addresses have sold ARB, totaling 669,920,331 ARB.

According to Coinmarketcap statistics, the price of ARB is trading at $1.28 at the time of writing. Although under selling pressure after a big number of tokens were released, it can be observed that the price of ARB is still holding very well following its release.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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