NewsletterBreaking: Arbitrum’s (ARB) Price Plummets By 90% From IOU Value Amid Mass Sell-Off
The long-awaited Arbitrum’s native token, ARB, finally made its debut on the crypto market today, albeit with several hiccups and hurdles along the way. The price of Arbitrum (ARB) experienced a decline of roughly 90% from its IOU value and currently trades near the $1 range. According to data published by Nansen analytics, only 16% of the ARB airdrop has been claimed so far at the time of writing.
Arbitrum Services Face Outage
At 13:05 UTC, the official token claim went live at the Ethereum block height of 16,890,400. Both the claim website and the network’s block explorer went offline as a result of the high volume of traffic. The site issued a prompt stating “This Serverless Function was rate limited”, although users were still able to claim tokens from the smart contract directly.
The airdrop includes 1.16 billion ARB tokens, which is 11.6% of the entire supply of 10 billion tokens minted. Moreover, certain decentralized autonomous organizations (DAOs) operating within the Arbitrum network are eligible to claim an additional 113 million tokens.
Read More: Terra CEO Do Kwon Has Finally Been Arrested In Montenegro Airport
Arbitrum (ARB) Price Volatility
The price of Arbitrum (ARB) has been subjected to extreme volatility due to the fact that only 16% of the total supply has been claimed, and only a select few crypto exchanges are driving the overall trade volume.
The IOU (I Owe You) tokens reportedly amassed close to $8 million in trading volume over the previous 24 hours while reaching an all-time high of $14 on march 19.
However, after the initial airdrop, ARB has been a victim of mass sell-off which has resulted in a drop in price of almost 90%, bringing it close to $1.15 at press time.
Currently the ARB token is listed on Uniswap, KuCoin, OKX and Bybit — while Binance exchange reportedly advancing its listing time by two hours at 15:00 UTC today. As reported earlier on CoinGape, Coinbase will likewise be adding support for ARB later today.
Also Read: Jack Dorsey’s Block (SQ) Crashes 20% As Hindenburg Report Accuses Of Fraud
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Expert Predicts Further Downside For Bitcoin As Fear and Greed Index Drops To 10
- Solana and XRP ETFs Attract Fresh Inflows Even as Crypto Market Falls
- BLS to Release Jobs Report on Nov. 20 as Uncertainty Over Fed Rate Cut Persists
- JPMorgan calls Bitcoin Price Bottom, Predicts It Will Challenge Gold Next Year
- Zcash to Surpass XRP? Arthur Hayes Makes Bold Claim Amid ZEC’s 45% Rally
- Litecoin Price: With a 12% Surge and Pearson BTC Correlation at –0.01, Is LTC Gearing Up for $125?
- What’s Next for Chainlink Price After 53.87 Million Tokens Accumulated
- What the New Bitcoin Model Predicts About a Possible $200K BTC Price Target?
- Zcash Price Soars 45%: Here’s Why
- Bitcoin Price Pattern Points to a Crash to $62k as Fed Cut Odds Fall to 54%
- Zcash Price Defies Market Crash: Will Shrinking Exchange Netflows Keep ZEC Rallying?
