Arbitrum Token Experiences Price Correction Amidst Concerns About Token Unlock And Massive Sell-offs

2024-2-24 08:39

The native token of Arbitrum, a blockchain network designed to enhance scalability for Ethereum, has recently encountered a significant price correction. 

With the token’s value dipping to $1.84 in the past 24 hours, marking a 9% decline, investors have been closely monitoring its performance. At the time of writing, there has been a slight recovery, with the token showing a 1% increase.

$ARB price dropped ~9% in the past 24 hours!@ConvexFinance further deteriorates the price by selling 901,392 $ARB ($1.63M) for 559.4 $ETH at ~$1.812 in the past 45 minutes.

They received those $ARB from the DAO airdrop in Apr 2023, which was then worth only $1.2M.

Token flow:… pic.twitter.com/09al0a71Oj

— Spot On Chain (@spotonchain) February 22, 2024

Spotonchain data reveals that Convex Finance played a role in exacerbating the price decline by selling 901,392 ARB tokens, equivalent to $1.63M, for 559.4 ETH at approximately $1.812 within the last few hours. Interestingly, these ARB tokens were acquired through a DAO airdrop back in April 2023, initially valued at $1.2M.

As attention turns towards March, concerns arise regarding the potential negative price movement as February draws to a close.

This anticipation stems from the looming release of a substantial number of ARB tokens scheduled for March, prompting investors to exercise caution in their trading strategies.

TVL For ARB STIP Recipients On Arbitrum Network

Analysis from intotheblock highlights the evolution of Total Value Locked (TVL) for ARB STIP recipients on the Arbitrum network.

The data suggests that while gains have been moderate for most protocols, one standout is Pendle, whose TVL has experienced a significant surge following the addition of LRT pools on Arbitrum. 

evolution of TVL for ARB STIP recipients since the STIP deadline. gains have been moderate and are likely due mainly to bullish pa. except for pendle whose TVL has skyrocketed since adding LRT pools on arbitrum. pic.twitter.com/gf9E2z77ND

— gablahbo (@gablahbo) February 22, 2024

This divergence in TVL trends underscores the dynamic nature of the cryptocurrency market and the various factors influencing token valuations.

In summary, the recent price correction observed in the Arbitrum token reflects the inherent volatility of the cryptocurrency space.

Investors remain vigilant as they navigate through potential market fluctuations, keeping a close eye on developments within the ecosystem to inform their investment decisions.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Waves Community Token (WCT) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 1.05 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 10m WCT

token arbitrum correction price ethereum scalability enhance

token arbitrum → Результатов: 126


Arbitrum’s ARB token lists on several exchanges as Airdrop goes live

Arbitrum is transitioning into a DAO. The network’s new ARB token airdrop is now live. The new ARB token is Arbitrum’s governance token. After a number of major cryptocurrency exchanges including Binance, Huobi, Coinbase, and MEXC  promised to list the new Arbitrum ARB token, the token has already been listed on several exchanges just a […] The post Arbitrum’s ARB token lists on several exchanges as Airdrop goes live appeared first on CoinJournal.

2023-3-23 16:58


Фото:

Mizar Launches $MZR Token on Arbitrum and Unveils DeFi Roadmap

London, United Kingdom, 8th March, 2023, Chainwire Mizar, a social trading platform that boasts over 10,000 users and sees daily trades in the millions of dollars, is pleased to announce the launch of its $MZR token on March 9th, along with the disclosure of its ambition to introduce automatic and copy trading on both centralized […] The post Mizar Launches $MZR Token on Arbitrum and Unveils DeFi Roadmap appeared first on CoinJournal.

2023-3-8 16:54


Фото:

Mizar Launches $MZR Token on Arbitrum and Unveils DeFi Roadmap

London, United Kingdom, 8th March, 2023, Chainwire Mizar, a social trading platform that boasts over 10,000 users and sees daily trades in the millions of dollars, is pleased to announce the launch of its $MZR token on March 9th, along with the disclosure of its ambition to introduce automatic and copy trading on both centralized […] The post Mizar Launches $MZR Token on Arbitrum and Unveils DeFi Roadmap appeared first on CaptainAltcoin.

2023-3-8 15:05


Фото:

Chainlink (LINK) is Live on Arbitrum Rollup Testnet

Chainlink, the decentralized live price feed oracle token, is live on Arbitrum, beginning with Chainlink Price Feeds for DeFi developers. The Latest Data Feed Ecosystem Development The company is developing a new oracle network to support the demand for more accurate price data since DeFi’s Total locked value exceeds $35B. Chainlink is live on @Arbitrum,Read More

2021-3-10 21:00