Arbitrum (ARB) reached more than 70,000 investors on March 23, at the intersection of airdrop and major exchange listings. The largest purchase came from a wallet owned by Arbitrum’s market maker Wintermute Trading. However, ARB price is fluctuating hard in both directions as the Arbitrum platform crashes.
176.6 million Arbitrum (ARB) sold
According to the latest reports from on-chain data source Lookonchain, over 70,000 addresses have now purchased 176.6 million ARBs. Listed on major centralized exchanges simultaneously with the airdrop event, ARB reached over $10 in price. The expected airdrop is also accompanied by a series of whale transactions.
Wintermute Trading buys 40 million ARBs
One of the biggest purchases was made by ARB’s market maker Wintermute Trading. The company bought 40 million ARBs and transferred a small amount of ARB to exchanges for testing.
GMX becomes largest Arbitrum whale
Arbitrum-based decentralized exchange GMX received 8 million tokens in the airdrop, making it the largest single owner of ARB, sparking discussion on the use of tokens on the GMX management forum:
According to current community rumors, GMX may receive airdrops of over 20,000,000 ARBs. At a reasonable valuation, the ARB price ranges from $1 to $2. This means that GMX could potentially generate over $20,000,000 in revenue. In this case, the allocation of these funds has become a hot topic within the community. As a user who has supported GMX for over a year, I would like to briefly share my suggestions to discuss.
gmxtothemoontwice, GMX management member
Investors requested 42 million Arbitrum in the first hour of the airdrop
According to Nansen data, over 42 million ARB tokens were requested in the first hour as Arbitrum’s highly anticipated airdrop went live on Thursday. Nearly 23,000 individual wallets claimed the airdrop, representing 3% of all eligible wallets.
According to the technical documentation, ARB’s total supply is 10 billion. It is trading at just over $1.30 at the time of writing on Thursday. During the day, it rose to the levels of 11-12 dollars on Huobi and Kucoin. It should be noted that ARB prices on all exchanges have changed drastically after the airdrop, which reached up to $ 14 on Bybit.
Arbitrum collapsed
Due to the high interest on Thursday, interruptions occurred in the platform at one point. While the claim process was closed, the price went down. Arbitrum, which fell to the $ 7-8 region, is currently trading under $ 2.
cryptocoin.com As we have reported, the Binance list will open at 20:00. Due to the high volatility, investors need to be conscious of sharp price movements.
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