– Arbitrum network will unleash 1.11 billion tokens on March 16 in a cliff unlock.
– The unlock will comprise 76.62% of the network’s circulating supply, worth $2.31 billion.
– Token allocations go to the team, advisors and investors who are likely to cash in for early gains.
Arbitrum (ARB) price has recorded a lot of volatility since the onset of 2024, trading within a range while the broader market rallied.With all eyes peeled to the Ethereum Layer 2 (L2) token for the anticipated
ETH beta plays situation, ARB holders should brace for even more volatility as the network plans one of the biggest unlocks in 2024.
Also Read:
Arbitrum Arcade launch could fuel narrative for crypto gaming tokens
Arbitrum price to experience even more volatility
Arbitrum price remains within the $1.7307 to $2.2017 range as part of a horizontal consolidation in an otherwise volatile market.The ongoing correction came as
whales dumped their L2 holdings ahead of the Dencun Hard Fork scheduled for Wednesday.While this could be a potential buy the dip situation, investors should probably exercise caution as more ARB tokens are due to flood markets this week.
On March 16, the Arbitrum ecosystem will unlock 1.11 billion ARB tokens to the market, constituting 76.62% of the network’s circulating supply and worth $2.31 billion at current rates.Allocations will go to investors and even more to the team, future team, and project advisors, with the former expected to book profits for the 438.25 million ARB tokens coming their way on Saturday.
ARB unlocks
To make it even worse, after Saturday, every 16th of the month, more unlocks will happen over the next 4 years.This could lead to major price action for the ARB token.
▫️ Ethereum’s scaling solution— Brain BoX (@brainboxintel)
[@arbitrum]is set to release a massive 1.1 billion [$ARB]tokens from its cliff unlock next March, which could lead to major price action.According to TokenUnlocks, this could be one of the biggest unlocks in crypto history.
[August 16, 2023]
At the time of writing, Arbitrum price is trading for $2.0476, with a budding recovery rally.
Amid growing overhead pressure, momentum is dropping, indicated by the overall trajectory falling Relative Strength Index (RSI).The Awesome Oscillator (AO) histogram bars are also flashing red as the bears align in the ARB market.
Arbitrum price could test the $1.7307 bottom of the market range before the next leg up, with a breach of this position likely to extend the losses by creating a lower low.
ARB/USDT 1-day chart
Conversely, a resurgence by the bulls could see
Arbitrum price push north, shattering the $2.2017 blockade as part of a bold move north.A decisive flip of this roadblock into support could see ARB price reclaim the $2.4250 range high, levels last seen on January 11, when spot Bitcoin exchange-traded funds (ETFs) hit the market.
Information on these pages contains forward-looking statements that involve risks and uncertainties.Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.You should do your own thorough research before making any investment decisions.FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.It also does not guarantee that this information is of a timely nature.Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress.
All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned.The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations.
The author makes no representations as to the accuracy, completeness, or suitability of this information.FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Join Telegram
Recommended Content
Editors’ Picks
Meme coin season ends abruptly, whales prepare to dump Shiba Inu, Dogecoin and PEPE
Large wallet investors, known as whales, are transferring their meme coin holdings to centralized exchange wallets.Specifically, three meme coins, Shiba Inu (SHIB), PEPE, and Dogecoin (DOGE), have seen a spike in exchange transfers.
More Cryptocurrencies News
Ethereum Layer 2 tokens dip as Dencun Hard Fork looms: MATIC, IMX, OP, ARB, MNT see sharp corrections
Prices of Ethereum Layer 2 tokens are declining sharply on Tuesday, ahead of Ethereum’s Dencun Upgrade lined up for Wednesday.
The upgrade is expected to reduce the transaction cost for Layer 2 tokens that scale the Ethereum network.
More Cryptocurrencies News
XRP price hits new 2024 peak alongside Coinbase filing that reveals contradictory SEC stance on digital assets
XRP price climbed to $0.7440 on Monday, a new year-to-date high.Coinbase filing shows SEC’s contradicting statements on digital assets in the Ripple lawsuit and Hinman speech.
More Ripple News
Bitcoin cleared $70,000 and Ethereum, $4,000: What’s next for crypto?
The cryptocurrency bull rally that started in January 2023 is going strong, with Bitcoin clearing old all-time highs (ATH) at $69,000 and Ethereum clearing the $4,000 psychological level.
More Cryptocurrencies News
Bitcoin: BTC contemplates an increase to $100,000, but when?
Bitcoin price set up a new all-time high of $69,210 on March 5 on the BitStamp exchange.BTC volatility seems to have dried up, leaving it consolidating above the $61,782 support level.
Read full analysis.
