Arbitrum’s native ARB token has landed a spot in the top 40 most valuable cryptocurrencies after yesterday’s airdrop, as its price shot up quickly before a sell-off leveled off the explosive hype.

The token’s place as the 38th largest digital asset—by market cap, according to data from CoinGecko—comes one day after the project launched the highly-anticipated token to users of the Ethereum scaling network.

Now, 81% of the tokens have been claimed, public blockchain data curated by Dune shows, and $2.5 billion worth of ARB tokens have traded hands in the past day. 

At the time of writing, ARB was trading for $1.27, per CoinGecko data, down 2.8% in 24 hours. At one point yesterday, ARB briefly touched as high as $8.76. That peak was short-lived, however, and the price has held relatively steady since shortly after the drop.

Arbitrum is a scaling solution for the Ethereum network. It aims to make using Ethereum’s blockchain cheaper and faster by settling transactions on a sidechain before reporting back to the main blockchain. This is useful for people wanting to make quick trades—especially in the world of decentralized finance (DeFi)

Go to Source to See Full Article
Author: Mathew Di Salvo

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details