- The Arbitrum network is prepared to release $2.26 billion worth of ARB tokens on the 11th of March.
- The token release will be distributed amongst many different sectors on the network including the Arbitrum team and investors.
The Arbitrum network is set to release billions of tokens on March 16th, 2024, which will either aid bullish or bearish sentiments centering on ARB, its native token.
According to recent reports, a whopping 1.11 billion ARB will be unlocked in 4 days, which is currently valued at $2.26 billion. The move is especially remarkable because it can trigger a potential bull or beat trend.
“Ethereum’s scaling solution 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.” A report from Token Unlocks, a tokenomics insight platform wrote.
The tokens are expected to represent 76.62% of ARBs’ current circulating supply and will be distributed amongst sectors on the Arbitrum network. An estimated 753. billion million ARB, worth over $1.37 billion will be unlocked for the network’s team, alongside its future team and advisors.
Additionally, another 438.25 million ARB tokens, worth $894.03 million will be unlocked to investors. 3.528B ARB(35.28%) will be set aside for Treasury, while
1.162B ARB(11.62%) will be allocated to ARB users through an airdrop. 750M ARB(7.5%) will go to the Foundation and 113M ARB(1.13%) will be set aside for DAOs through airdrops.
The weeks ahead are crucial for ARB
The current network activity largely validates a bullish stance for ARB, as whales increase their token holdings. On the other hand, a handful of whales have also withdrawn their holdings. Notably, six whales sold their ARB holding over the past 7 days. However, the top 20 ARB holders with a total of 5.95 billion ARB ($11.78B, 59.51% of the total supply) are continuously securing more assets.
According to our data, at report time, ARB was valued at $1.7302 per token, as it made a much-needed comeback, following the previous weekend’s downtrend. However, some indicators are flashing bearish signs for one, the Awesome Oscillator (AO) histogram bars are leaning towards a bearish position. Similarly, as the bullish momentum declines, the collapse of the Relative Strength Index (RSI).
In the near term, a recovery could realign ARB bulls to potentially trigger prices to retest the $2.2017 price levels. The bullish trend could continue upwards, and if previous support levels are sustained ARB could retest the $2.4250 price level; a price point last recorded in January. On the flipside, if the bear trend continues, the asset could take a downward turn, and test the $1.7307 price point. Losses can extend into the coming weeks, in the long term, if selling pressure continues to rise.
