- Arbitrum distributed 90,148,325 million ARB tokens worth upwards of 120 million to DAO wallets earlier today.
- ARB price surged in response to the airdrop, however the token is still in a downward trend.
- Experts believe ARB is in the distribution phase and the token could soon begin expansion, rallying to its $1.6 target.
Arbitrum distributed more than 90 million tokens to 125 DAO wallets earlier today, as a part of its airdrop. ARB price reacted positively to the news of the airdrop, analysts note that the token is currently in a downward trend.
Experts have identified bullish potential in ARB and set a target of $1.6 for the token.
Also read: Coinbase listing roadmap fuel rallies in Ethereum-based altcoin and another Arbitrum-based project
Arbitrum airdrops ARB tokens to 125 DAOs
Arbitrum’s DAO airdrop distributor sent upwards of 90 million ARB tokens worth $120 million to 125 wallets, on Tuesday. 90,148,325 ARB was sent to 125 DAOs at $1.33 per token.
Based on data from crypto intelligence tracker Spot On Chain, Treasure DAO received the highest amount of ARB, at 8 million tokens and 60 other wallets received at least 75,000 ARB tokens each. The top 15 wallets that received the highest volume of ARB are as below:
Top 15 DAO wallets that received ARB
The news of Arbitrum’s airdrop elicited a positive response from ARB and the token’s price surged, however experts note that it is in a downward trend.
Experts note that ARB distribution is likely to continue. Analysts evaluated the phases of ARB, classifying them as accumulation, distribution and expansion, predicting a massive run up in the token’s price.
Why experts set a $1.6 bullish target for ARB
Crypto McKenna, a technical expert and crypto trader believes ARB price is on track to hit its $1.6 bullish target. McKenna’s bullish thesis is based on ARB currently being in the distribution phase where more tokens are being airdropped to DAO wallets, before the next phase, expansion.
ARB/USDT 1H price chart
During its expansion, McKenna expects ARB price to witness a bullish breakout and hit $1.6. A rally to $1.6 represents a 23% upswing from the current price of $1.3. As seen in the chart above, ARB price has climbed consistently since Monday, a bullish engulfing candle on the daily price chart could send ARB to the next phase of its price rally.
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.
Recommended Content
Editors’ Picks
Bitcoin holds $87,000 as markets brace for volatility ahead of April 2 tariff announcements
Bitcoin (BTC) holds above $87,000 on Wednesday after its mild recovery so far this week. A K33 Research report explains how the markets are relatively calm and shaping up for volatility as the market absorbs the tariff announcements.
Shiba Inu rallies as trading volume rises 228% amid increase in bullish bets
Shiba Inu price extends its gains by 8% and trades at $0.000015 at the time of writing on Wednesday, rallying over 15% so far this week. On-chain data shows that SHIB’s trading volume rose 228% in the last 30 days, bolstering the platform’s bullish outlook.
BTC, ETH, and XRP could face volatility as Trump’s “Liberation Day” nears
Bitcoin (BTC) price hovers around $87,000 on Wednesday after recovering 4% in the last three days. Ethereum (ETH) and Ripple (XRP) find support around their key level, suggesting a recovery on the cards.
BlackRock’s BUIDL fund launch on Solana platform while Fidelity files for spot Solana ETF
Solana price hovers around $142 on Wednesday after recovering by 7% so far this week. BlackRock’s BUIDL fund launches on the Solana platform. Fidelity files for a spot Solana ETF with Cboe.
Bitcoin: BTC stabilizes around $84,000 despite US SEC regularity clarity and Fed rate stability
Bitcoin price stabilizes around $84,000 at the time of writing on Friday after recovering nearly 2% so far this week. The recent announcement by the US SEC that Proof-of-Work mining rewards are not securities could boost BTC investors' confidence.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.