Token

Arbitrum

<p>Arbitrum, a Layer-2 scaling solution for Ethereum, experienced a flurry of activity following a significant token unlock <a href="https://x.com/lookonchain/status/1767496096912425090?s=20" target="_blank" rel="noopener noreferrer nofollow">event</a> on March 16th. This event saw the distribution of 1.1 billion ARB tokens to investors, team members, and advisors simultaneously.</p>
<h2 class="wp-block-heading" id="strong-whales-move-tokens-to-exchanges-strong"><strong>Whales Move Tokens to Exchanges</strong></h2>
<p>In the aftermath of the unlock, data from Lookonchain (@lookonchain) <a href="https://x.com/lookonchain/status/1769586523639562691?s=20" target="_blank" rel="noopener noreferrer nofollow">revealed</a> that 11 whales deposited a combined total of 34 million ARB tokens, valued at approximately $58 million, into various cryptocurrency exchanges.&nbsp;</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="668" src="https://captainaltcoin.com/wp-content/uploads/2024/03/image-839-1024x668.png" alt="" class="wp-image-455579" srcset="https://captainaltcoin.com/wp-content/uploads/2024/03/image-839-1024x668.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-839-300x196.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-839-768x501.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-839-1536x1002.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-839-2048x1336.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-839-230x150.png 230w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-839-100x65.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-839-336x220.png 336w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-839-536x350.png 536w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-839-788x514.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-839.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>Additionally, Token_Unlocks (@Token_Unlocks) <a href="https://x.com/Token_Unlocks/status/1770042603649868051?s=20" target="_blank" rel="noopener noreferrer nofollow">reported</a> that a massive 587.24 million ARB tokens, worth over $916.09 million, were claimed and moved from the project’s vesting wallet.</p>
<p>Moreover, just two hours after the token unlock, Larvandweb3.eth (@Larvandweb3), a blockchain enthusiast, <a href="https://x.com/Larvandweb3/status/1770008661420871885?s=20" target="_blank" rel="noopener noreferrer nofollow">observed</a> that Arbitrum’s gas fees had plummeted by a 80%. Consequently, users now only require around $0.01 or 0.000004 ETH to complete transactions on the Arbitrum chain, a remarkable achievement in the realm of scalable blockchain solutions.</p>
<h2 class="wp-block-heading" id="strong-price-correction-and-market-impact-strong"><strong>Price Correction and Market Impact</strong></h2>
<p>In response to the significant token distribution and subsequent market dynamics, the Arbitrum (ARB) token experienced a notable correction in its price. According to data from CoinMarketCap, at the time of writing, the ARB price stands at <a href="https://coinmarketcap.com/currencies/arbitrum/" target="_blank" rel="noopener noreferrer nofollow">$1.58</a>, with a 24-hour trading volume of $1,237,976,451. However, the token has undergone a 7.95% decline in value over the last 24 hours.</p>
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<p>Token unlock events, particularly those involving substantial amounts of tokens, often trigger concerns surrounding potential market sell-offs. The distribution of a large number of tokens to investors, team members, and advisors can lead to increased selling pressure, potentially causing a notable drop in the native token’s value in the short term.</p>
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<p>The post <a href="https://captainaltcoin.com/arbitrum-arb-whales-on-the-move-token-unlock-shakes-up-crypto-market-as-gas-fees-plummet/" rel="noopener noreferrer nofollow">Arbitrum (ARB) Whales on the Move: Token Unlock Shakes Up Crypto Market as Gas Fees Plummet</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Arbitrum (ARB) Whales on the Move: Token Unlock Shakes Up Crypto Market as Gas Fees Plummet

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