A week ago, Arbitrum, an Ethereum layer 2 scaling solution, announced the launch of its native token called ARB, and since then the IOU market has launched, Now that we know what the tokens are worth, ARB billing will begin on March 23, and when people get their coins on the exchanges, the tokens could be worth something completely different. Currently, ARBs are trading between $5.41 and $7.92 per unit over the past 24 hours.
ARB tokens are trading in IOUs, but their market value could fluctuate significantly
after real tokens begin trading.
New digital assets are entering the cryptocurrency economy after Arbitrum, a Layer 2 scaling solution, announced the launch of its Governance Token last week. Since the announcement, several centralized cryptocurrency exchanges have launched IOU markets where people can trade, but only represent the market value of ARBs before the launch.
ARB billing begins March 23, and the Arbitrum airdrop is highly anticipated. Cryptocurrency market price aggregation site coinmarketcap.com (CMC) shows the current value of the ARB through the exchanges that launched the IOU market, according to CMC data. ARB IOU tokens hit an all-time high of $14.02 per unit on March 19.
IOU tokens have since fallen about 51.43% from their all-time high three days ago; ARB IOU tokens also hit an all-time low at $2.81 per unit and the current price is 140% higher at $6.88 per coin. The 24-hour index shows a range of $5.41 to $7.92 per price, but IOUs saw $8.7 million in global trading over the past day. Meanwhile, the ARB market lost nearly 8% against the U.S. dollar Wednesday, 15 hours before the ARB’s claim began.
cryptocurrency analysis platform Dune Analytics shows someThe ARB airdrop tracking toolis scheduled to go live on March 23. Once billing begins, the tool will feature a counter highlighting the total ARBs billed, the number of unique ARB holders, and other allocation data.
The current IOU value of the ARB token is higher than Optimism’s native governor token OP. The currentvalue of OPis about $2.53 per OP, and there is a circulating supply of 314,844,141 OPs. As noted above, market values could change dramatically once real ARB tokens begin trading, and the all-time highs and lows for IOU tokens indicate that these changes could continue for some time.
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