• The Arbitrum network airdropped free tokens on 16 March, leading to selling pressure as beneficiaries cashed in.
• An Externally Owned Account (EOA) has been accumulating ARB since 30 March and is now the second-largest holder of the token behind Binance [BNB].
• Meanwhile, one of the largest recipients of the ARB token sold all their tokens for 708 ETH ($1.27M).
Arbitrum Network Airdrops Tokens
As part of its 2023 roadmap, the Arbitrum network recently airdropped free tokens to users on 16 March. The move sparked off selling pressure as participants were eager to cash in on their rewards.
Upbit Could be Second Largest ARB Holder
Meanwhile, an Externally Owned Account (EOA) has been stockpiling ARB since 30 March and currently holds 59 million ARB, making it the second-largest holder after Binance [BNB]. According to 0xScope Protocol, there are chances that this address belongs to Upbit, Korea’s largest digital asset exchange. This suggests that this wallet took advantage of a buying opportunity at press time prices.
Largest Recipient Sells All Tokens
On the other hand, Lookonchain revealed that one of the largest recipients of ARBs had sold off all their tokens for 708 ETH ($1.27M). This address had also been providing liquidity on Uniswap [UNI] prior to 24 March.
ARB Price Decreases By 6%
Following these developments, ARBs value decreased by 2.49% in 24 hours and by 6.11% over seven days period. This decrease could affect Uniswap’s benefits from Arbitrum’s scaling solution going forward as well.
How Much Are 1, 10 & 100 ARBs Worth?
With such fluctuations in price and market dynamics changing daily, it is difficult to ascertain how much 1, 10 or 100 ARBs would be worth today without keeping track of current prices which can be found on various cryptocurrency exchanges and websites such as CoinMarketCap or CoinGecko.