JAKARTA - The cryptocurrency business is always interesting to follow, especially with frequent price fluctuations. One of the cryptocurrencies that caught attention was the ARB token recently launched by Arbitrum. However, as soon as the token was dropped, the price dropped drastically by 90 percent and investors quickly sold their tokens.
As a result, the ARB token plunged to a price of US$1.20 (Rp18,200) according to data from CryptoSlate. Within the first hour of launch, ARB was trading for US$3.99 (Rp60,600) on the decentralized exchange (DEX) Uniswap and above US$5 (equivalent to Rp75,900) on centralized exchanges such as KuCoin, Kraken, and OKX. During that period, the volume of token trading reached more than US$20 million (Rp303 billion) according to CoinGecko.
Regarding the sale of the ARB, Lookonchain found one trader who sold 800 ARB at a price of more than US$3,600 (Rp54 million) meaning that this trader sells at an average price of more than US$4 (Rp60,700). Crypto analysts added that this may be the highest selling price.
ARB prices are expected to fluctuate greatly over the first few hours after the launch of these tokens as more and more eligible users claim their airdrops.
As thousands of people tried to claim their airdrops, the Arbitrum website had crashed and had decreased access. However, the project has warned eligible users that it still has six months to claim their tokens and warned that transaction fees or gas fees will be very high, and there is a possibility of server bottlenecks.
According to the dashboard of blockchain analytic firm Nansen, more than 160,000 addresses have claimed more than 300 million ARB tokens at the time of writing. This represents 27 percent of the total airdrop supply for individual network users. As a popular layer 2 solution, Arbitrum has seen an increase in transactions and addresses due to community enthusiasm in awaiting the arrival of ARB tokens.
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