A treasure trove of crypto appeared on Thursday in a matter of minutes.
The long-awaited native cryptocurrency for Arbitrum, the leading scaling solution for the Ethereum blockchain, finally became available for more than 600,000 recipients, according to Dune Analytics.
With over 1 billion ARB tokens airdropped—distributed to select individuals—so far, the total market capitalization for the token has stabilized near $1.8 billion, per data from CoinMarketCap. Developers have planned to create an initial supply of 10 billion tokens—putting the current fully diluted market cap above $14 billion.
Among the total number of eligible recipients—ARB was made available only to members of the Arbitrum community—more than half have claimed theirs.
The token’s release, one of the most valuable in recent memory, follows last week’s announcement that Offchain Labs, the developer that created Arbitrum, was establishing the Arbitrum Foundation and an associated DAO, or decentralized autonomous organization.
The two entities will govern the management and development of the Arbitrum ecosystem, which is composed of two layer-2 blockchains built on top of Ethereum: Arbitrum One, the larger of the two blockchains, and Arbitrum Nova, designed for Web3 games and social media applications. Both blockchains are designed to make transactions on Ethereum faster and less expensive.
The ARB token will not be used for transaction fees on the blockchains but will allow owners to vote on proposals submitted to Arbitrum’s DAO.
$ARB airdrop claim is at 60%
I have started buying at $1.29 will be buying over the next 12h
Plan to sell at $1.8+ (first pump) pic.twitter.com/qarUReG1Rg
Fervor for the token was so high that Arbitrum’s website and blockchain scanner were down ahead of the token’s release, as crypto enthusiasts stampeded to the sites in anticipation.
As of late Thursday afternoon, ARB’s price was hovering near $1.45. Its current market capitalization puts it ahead of the token for Arbitrum’s closest competitor, Optimism, another layer-2 blockchain that aims to expedite transactions on Ethereum. On Thursday, the market capitalization for OP was around $774 million, after briefly shooting up above $800 million soon after ARB dropped, with a token price of $2.46.
Everyone saying they are rich in $ARB while I dont even get one! pic.twitter.com/IgmkSxRERb
— Michelle wang (@Leowong10356568) March 23, 2023
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FAQs
Release of long-awaited Arbitrum cryptocurrency generates $1.8 billion in just 2 hours. The $ARB token will be used to govern the management and development of Arbitrum's two blockchains. A treasure trove of crypto appeared on Thursday in a matter of minutes.
How many arbitrum tokens will be released? ›
According to the Arbitrum Foundation, team members and contributors will receive 673.5 million tokens, and investors will receive 438.25 million tokens on 16 March 2024. Thereafter, their remaining token allocation will continue to unlock on a monthly basis over the next three years.
What is the price prediction for arbitrum token? ›
Arbitrum Overview
Our most recent Arbitrum price forecast indicates that its value will increase by 10.97% and reach $1.141675 by May 04, 2024. Our technical indicators signal about the Bearish Bullish 12% market sentiment on Arbitrum, while the Fear & Greed Index is displaying a score of 43 (Fear).
Can Arbitrum reach $100? ›
Arbitrum: Can ARB Reach $100? Arbitrum is currently trading at $1.23 and needs to rise 8,100% in the next bull run to reach the $100 milestone. The prospect of that occurring remains slim as its market cap needs to climb above $1 trillion to reach $100.
How much will arbitrum token be worth? ›
The live price of Arbitrum is $ 1.133644 per (ARB / USD) with a current market cap of $ 3.01B USD. 24-hour trading volume is $ 315.49M USD. ARB to USD price is updated in real-time. Arbitrum is +2.82% in the last 24 hours with a circulating supply of 2.65B.
How long does it take to get money out of arbitrum? ›
The only delay that's felt by a user is in "withdrawing" — moving their funds from Arbitrum back to Ethereum; if users are withdrawing directly from Arbitrum to Ethereum, they must typically wait 1 week before receiving their funds on L1.
Will arbitrum release a token? ›
Following March 16, Arbitrum plans to continue releasing a set amount of tokens every four weeks for four years.
How high can arbitrum go in 2024? ›
ARB price today is 1.0548. Arbitrum Price may reach a maximum of $3.92 by the end of 2024. With a potential surge, ARB price may go as high as $11.59 by the end of 2030.
How much will arbitrum cost in 2025? ›
Arbitrum price prediction 2025: Arbitrum's price for 2025 according to our analysis should range between $3.38 to $5.07 and the average price of ARB should be around $4.23.
How much will arbitrum cost in 2030? ›
Arbitrum (ARB) Price Prediction 2030
According to your price prediction input for Arbitrum, the value of ARB may increase by +5% and reach $ 1.429134 by 2030.
Arbitrum (ARB) Price Prediction 2025
We should expect the price of ARB to trade above its 2024 price due to the possibility of most cryptocurrencies breaking more psychological resistance levels due to the Bitcoin halving over the previous year. Hence, ARB could end 2025 by trading at around $10.
Which crypto will explode in 2024? ›
Here's our list of cryptos that will explode in 2024: Dogeverse (DOGEVERSE) – A multi-chain Doge token expected to boom in 2024. Sealana ($SEAL) – Meme token with an engaging story and a fixed presale price. WienerAI (WAI) – A prime meme coin contender for explosive growth in 2024.
Should I buy an arbitrum token? ›
Is Arbitrum a Good Investment? It may be. Arbitrum provides a reliable, affordable, and safe way for Ethereum developers and users to save on costs. Transactions in Arbitrum are guaranteed to be secure and unchangeable since they are based on Ethereum's security concept and consensus process.
Is Ethereum better than Arbitrum? ›
Arbitrum offers several advantages over traditional Layer-1 solutions like Ethereum: Scalability: By processing most transactions off-chain, Arbitrum significantly improves throughput and reduces congestion on the Ethereum mainnet.
Is Arbitrum as safe as Ethereum? ›
Arbitrum, like Ethereum, is permissionless; on both platforms, anybody can deploy any smart contract code they want. Users should treat interacting with contracts on Arbitrum exactly as they do with Ethereum, i.e., they should only do so if they have good reason to trust that the application is secure.
What can you do with arbitrum tokens? ›
Holders of ARB tokens can transfer value, vote on governance decisions, and participate in the Arbitrum ecosystem.
How many arbitrum tokens are there? ›
Arbitrum Price Data
The token has a circulating supply of 2.7B tokens out of a total supply of 10B tokens. Arbitrum, developed by Offchain Labs, is an Ethereum Layer 2 blockchain rollup technology.
How many tokens does arbitrum have? ›
10 Years of Decentralizing the Future
The amount to be released equates to 87% of the token's circulating supply of 1.275 billion. At press time, over 5 billion ARB tokens remain locked.
What is the future prediction for arbitrum? ›
Based on our algorithmically generated price prediction for Arbitrum, the price of ARB is expected to decrease by 228.10% in the next month and reach $ 3.32 on May 30, 2024. Additionally, Arbitrum's price is forecasted to gain 180.29% in the next six months and reach $ 2.84 on Oct 27, 2024.
How many claims did arbitrum get? ›
More than 42 million arb tokens were claimed in the first hour as Arbitrum's much-anticipated token airdrop went live on Thursday, Nansen data shows. Some 23,000 individual wallets claimed the airdrop, representing 3% of all eligible wallets. ARB has a total supply of 10 billion, according to technical documents.
