Crypto Traders Expects Price Volatility On ARB Leading Unto Its Next Token Unlock
The cryptocurrency community is bracing for potential price fluctuations in ARB tokens as a significant number of tokens are set to be unlocked soon.
On March 16, 1.11 billion ARB tokens, amounting to $2.26 billion and constituting 76.62% of the circulating supply, will become available for trading. This unlocking event includes 673.50 million ARB tokens for the team, future team, and advisors, and 438.25 million ARB tokens for investors.
1.11B $ARB($2.26B, 76.62% of Cir. supply) will be unlocked in 4 days!
Among them, 673.50M $ARB ($$1.37b) is unlocked for team, future team and advisors, 438.25M $ARB ($894.03M) is unlocked to investors.
Bullish or bearish?
1/
Thread about $ARB pic.twitter.com/4SwjTD9fPD
— Lookonchain (@lookonchain) March 12, 2024
The tokenomics of ARB tokens reveal a distribution plan with allocations for various stakeholders, including the treasury, team, advisors, investors, users, foundation, and DAOs. However, recent on-chain reports indicate that some institutions and individual traders are taking preemptive actions ahead of the unlock.
Institutions such as dForcenet and Synapse Protocol, who received ARB tokens in the DAO airdrop, have reportedly sold all their tokens. dForcenet deposited 2.45 million ARB tokens to Binance, while Synapse Protocol swapped 1.03 million ARB tokens for USDC.
Additionally, individual wallet holders have been observed making significant transactions, with some selling off their entire ARB holdings.
Two institutions, which received $ARB in the DAO airdrop, allegedly sold all the tokens ahead of #DencunUpgrade and big unlock:
1. @dForcenet deposited 2.45M $ARB ($5.05M) to #Binance at $2.06 ~12hrs ago.https://t.co/JzHkza0TcM
2. @SynapseProtocol swapped 1.03M $ARB for 2.13M… pic.twitter.com/0TPcWDv5NH
— Spot On Chain (@spotonchain) March 12, 2024
Notable Whales Continue Buying ARB Despite Recent Selloff Pressure
Despite the sell-off activities, there have been instances of notable purchases by whales in the past week. For example, wallet address 0x4009 withdrew 2.3 million ARB tokens from Binance, indicating a bullish sentiment. Similarly, wallet address 0x1219 spent 505 ETH to acquire 901,685 ARB tokens just three days ago.
As a result of the recent sell-offs, ARB tokens have experienced a 3% decline today and a 6% decline over the past seven days. However, the top 20 holders still collectively hold a significant portion of ARB tokens, representing 59.51% of the total supply.
In summary, the impending token unlock event for ARB tokens has led to increased market activity, with both selling pressure and buying interest observed among investors and traders.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Filed under: Bitcoin - @ March 13, 2024 5:09 am