90 Percent Down! – Cryptokoin.com

ARB, the local coin of Arbitrum, one of the highly anticipated and long-awaited coin projects of the crypto money market, was finally launched today, although it faced many obstacles. With the launch, the altcoin project, which many investors have been eagerly awaiting, faced a massive Whale selloff, dropping roughly 90 percent from its initial value! Here are the details…

The much anticipated altcoin project Arbitrum (ARB) has come to life!

Arbitrum IOU (ARB), which was launched during the day, came to life at the height of 16,890,400 Ethereum block. In Arbitrum, one of Ethereum’s most popular layer-2 solutions, investors started to claim the ARBs they deserve from the airdrop. With the users entering the website to claim their rights, the website, which could not handle the traffic volume due to the high demand on the website of the platform, collapsed. Users who wanted to enter the website encountered such a screen;

The airdrop provided by the project contains 1.16 billion ARB coins, which is 11.6% of the entire supply of the 10 billion coins minted. It also gave some decentralized DAOs operating within the Arbitrum network the right to claim an additional 113 million coins. On the other hand, Arbitrum (ARB) price went live on several exchanges after the launch. Rising to $11-12 on popular cryptocurrency exchanges Huobi and Kucoin, the altcoin project has been subject to extreme volatility as only 16 percent of the total supply is demanded and only a few crypto exchanges drive the overall trading volume.

The selling move from the whales caused a crash in the price of the altcoin project!

It is reported that Arbitrum IOU (ARB) coins provided a trading volume of close to $ 8 million in the previous 24-hour period and rose to the ATH level of $ 14 on March 19. However, after the first airdrop, ARB faced a bulk sell-off that resulted in an almost 90 percent drop in price. Prominent cryptocurrency whales sold the popular altcoin project, allowing it to fall as low as $1.15.

Arbitrum (ARB), chart of the last 24 hours

As we have quoted as Kriptokoin.com, ARB coin is instantly listed on Uniswap, KuCoin, OKX and Bybit exchanges. With the addition of Binance among these exchanges during the day, the coin listed on many exchanges has lost 88% in the last 24 hours. Instantly, the project is trading at $1.32. On the other hand, for the altcoin, which has attracted great interest, many experts state that Arbitrum can make a good development with the support of many investors in the near future.

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