Breaking: Arbitrum’s (ARB) Price Plummets By 90% From IOU Value Amid Mass Sell-Off

The long-awaited Arbitrum’s native token, ARB, finally made its debut on the crypto market today, albeit with several hiccups and hurdles along the way. The price of Arbitrum (ARB) experienced a decline of roughly 90% from its IOU value and currently trades near the $1 range. According to data published by Nansen analytics, only 16% of the ARB airdrop has been claimed so far at the time of writing.

Arbitrum Services Face Outage

At 13:05 UTC, the official token claim went live at the Ethereum block height of 16,890,400. Both the claim website and the network’s block explorer went offline as a result of the high volume of traffic. The site issued a prompt stating “This Serverless Function was rate limited”, although users were still able to claim tokens from the smart contract directly.

The airdrop includes 1.16 billion ARB tokens, which is 11.6% of the entire supply of 10 billion tokens minted. Moreover, certain decentralised autonomous organisations (DAOs) operating within the Arbitrum network are eligible to claim an additional 113 million tokens.

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Arbitrum (ARB) Price Volatility

The price of Arbitrum (ARB) has been subjected to extreme volatility due to the fact that only 16% of the total supply has been claimed, and only a select few crypto exchanges are driving the overall trade volume. The IOU (I Owe You) tokens reportedly amassed close to $8 million in trading volume over the previous 24 hours while reaching an all-time high of $14 on march 19.

However, after the initial airdrop, ARB has been a victim of mass sell-off which has resulted in a drop in price almost 90%, bringing it close to $1.15 at the time of writing.

Currently the ARB token is listed on Uniswap, KuCoin, OKX and Bybit — with Binance exchange reportedly advancing its listing time by two hours at 15:00 UTC today. As reported earlier on CoinGape, Coinbase will likewise be adding support for ARB later today.

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The post Breaking: Arbitrum’s (ARB) Price Plummets By 90% From IOU Value Amid Mass Sell-Off appeared first on CoinGape.