Arbitrum The highly anticipated launch of the token has finally taken place and there has been a frenzy on the buying and selling front. The volatility experienced after a very active day made investors nervous and triggered speculation.
Arbitrum Transaction Event Outpaces Ethereum
Arbitrum, a scaling solution built on Ethereum’s Layer-2 technology, has experienced increased activity ahead of the scheduled airdrop of its native token ARB today.
Arbiscan reported that the number of daily transactions on the network hit an all-time high of 1,312,052 on Wednesday, surpassing the previous record of 1,103,398 set on February 21. Against this, Ethereum Its mainnet processed approximately 1.08 million transactions.
Data in Dune Analytics’ Arbitrum dashboard reveals that the number of users has increased by over 400,000 in just two weeks to more than 3 million. This represents a growth rate of more than 50% since the token airdrop was announced a week ago.
However, while all these developments continued, the token price displayed very high volatility and caused difficulties for investors. As a matter of fact, with the launch of the token, the project’s website collapsed, unable to handle the high volume. In addition, Arbiscan, which provides data about Arbitrum’s network, is currently down and warns “not available”.
According to CoinMarketCap ARB token It started trading at $11.14. It is important to note that after the airdrop, ARB prices on different exchanges differed significantly and prices rose as high as $14 on ByBit. The ARB token is currently down by about 90% as traders liquidate their tokens at a high price. This fluctuation is expected to continue for a while.
You can follow the current price action here.