Arbitrum (ARB) Token IOU Price Crashes 90% Amid Mass Sell-off
- Just 16% of the ARB airdrop has been claimed, according to data by Nansen analytics.
- ARB token dropped by almost 90% from its IOU price and now trading in the range of $1.
After several delays and setbacks, the long-awaited native token of Arbitrum, ARB, was released into the cryptocurrency market today. The value of one Arbitrum (ARB) token has dropped by almost 90% from its IOU price and is now trading in the range of $1. Just 16% of the ARB airdrop has been claimed, according to data supplied by Nansen analytics.
The official token claim launched at 13:05 UTC, at a block height of 16,890,400 on Ethereum. Due to the overwhelming demand, the network’s block explorer and the claim website both crashed. Notwithstanding the warning of the crash, users were still get tokens from the smart contract independently.
Massive Sell-off
Furthermore, 1.16 billion ARB tokens are part of the airdrop, representing 11.6 percent of the total supply of 10 billion tokens. In addition, another 113M tokens are available for distribution to certain decentralized autonomous organizations (DAOs) on the Arbitrum network.
Moreover, as just 16% of the entire supply of Arbitrum (ARB) has been claimed and a small number of crypto exchanges are responsible for the majority of the daily trading volume, the price of ARB has been prone to significant volatility.
On March 19, the price of the IOU token, peaked at $14, representing a 24-hour trading volume of about $8 million. After its first airdrop, however, ARB has been subject to a massive sell-off, resulting in a 90% price drop that has brought its current value to today’s low of $1.07 and is currently trading 77% down at $1.32.
