On Thursday, Arbitrum’s airdrop billing process went live and the ARB market was over 85% lower than the pre-IOU market price recorded the previous day. A little over 1 billion ARB tokens, or 11.6% of total supply, were airdropped. At noon Eastern Standard Time, more than 474 million tokens had been claimed.
Wild volatility in ARB tokens: prices fluctuated from $1.10 to $11.80 per unit after airdrop
At a block high of 16,890,400 and around 9:00 a.m. EDT, Arbitrum’s airdrop claim process began, with 11.6% of the supply being distributed. The day before, Bitcoin.com News reported on exchanges listing the IOU ARB market just prior to the launch of the real ARB token on Thursday. At that time, the ARB was worth more than 85% more in US dollars. At the time of writing, one ARB was trading at$1.25per piece. ARB tokens have fluctuated wildly between $1.10 and $11.80 per ARB over the past 12 hours.
Despite Bitcoin approaching $29,000 and Ethereum rising to $1,855 per unit, the price of ARB is down.ARB trading volume is much higher than the $8.7 million ARB IOU volume recorded yesterday. In the past 24 hours, roughly $849.81 million in ARB volume has been recorded.The top three crypto exchanges with the most ARB trading activity are Binance, Okx, and Bybit.
1.275 billion ARBs were issued, meaning 474 million were claimed by 244,255 unique addresses. With 39% of eligible addresses billed and over 40% of dropped ARBs received by recipients, at $1.25 apiece, the overall market valuation of ARBs was $1.6 billion at noon ET Thursday afternoon.
Image credit: Shutterstock, Pixabay, Wiki Commons
