Arbitrum (ARB) Hits $106 on Bybit
The highly anticipated Arbitrum (ARB) airdrop has finally arrived, and exchanges are now actively listing and trading the token for users.
Arbitrum (ARB) Reaches $106 on Bybit
Interested in: What is Arbitrum (ARB)? - The Most Detailed Information on ARB
As reported by Coin68, Arbitrum announced the airdrop of ARB tokens to early supporters last week, based on historical activity.
The project has distributed ARB to over 625,000 eligible addresses, with a total allocation of 1.162 billion ARB, equivalent to 11.62% of the 10 billion ARB supply at launch. Additionally, Arbitrum allocated 113 million ARB to projects operating on this layer-2 network as rewards for users.
ARB will serve as the governance token for Arbitrum, decentralizing the project as it transitions into a DAO.
As of 8:00 PM on March 23, the project allowed eligible airdrop recipients to withdraw their ARB tokens. Numerous exchanges were prepared to facilitate deposits, withdrawals, and trading of ARB.
However, due to the overwhelming number of claim requests, both the Arbitrum.foundation website and Arbiscan encountered errors and failed to display data.
— sassal.eth/acc 🦇🔊 (@sassal0x) March 23, 2023
On early listing exchanges like Bybit, ARB traded at around $3.50 but spiked to $106 at one point.
Prices on other exchanges have been highly volatile, with significant discrepancies, but are gradually settling in the $2-3 range.
The world’s largest cryptocurrency exchange by trading volume, Binance, initially scheduled ARB’s listing for later, specifically at 00:00 AM on March 24 (Vietnam time), but it was unexpectedly moved up to 10:00 PM on March 23.
