- 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
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.