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The Arbitrum (ARB) community is preparing for a significant milestone as the Layer-2 blockchain network gears up for a major unlocking event on March 16th. This event will see the release of 1.1 billion ARB tokens, representing approximately 76% of the total circulating supply and valued at around $2.38 billion.
TLDR
- Arbitrum (ARB) is facing a significant unlocking event on March 16th, which will release 1.1 billion tokens, accounting for 76% of the total circulating supply.
- The tokens will be distributed primarily to investors and the project team, with a total value of approximately $2.38 billion.
- Two prominent whales have deposited 2.77 million ARB tokens, valued at $5.94 million, onto the Binance exchange, potentially yielding a profit of $3.29 million ahead of the unlocking event.
- The DencunUpgrade, scheduled for March 13th, is expected to bring benefits to Layer-2 projects like Arbitrum.
- The Arbitrum DAO recently withdrew a proposal to donate $1.28 million worth of ARB tokens to support legal charges against Tornado Cash developers, due to concerns raised by token holders.
The token distribution will primarily benefit investors and the project team, with 673.5 million tokens (worth roughly $1.41 billion) allocated to the Arbitrum team and advisers, and 438.25 million tokens (valued at approximately $915 million) earmarked for the project’s investors.
The anticipation surrounding this unlocking event has been further intensified by recent whale activity on cryptocurrency exchanges.
In the past 24 hours, two prominent whales, identified as 0x141 and 0xc99, have collectively deposited 2.77 million ARB tokens, worth $5.94 million, onto the Binance exchange.
Ahead of two important $ARB events next week, two whales 0x141 and 0xc99 jointly deposited 2.77M $ARB ($5.94M) on #Binance ~8hrs ago, allegedly realizing $3.29M in profit.
Please take note of the dates of the 2 upcoming events that can impact the ARB price next week:
— Spot On Chain (@spotonchain) March 10, 2024
This strategic move is believed to have yielded a substantial profit of $3.29 million for the whales, as they position themselves ahead of the upcoming unlocking event and the Dencun Upgrade scheduled for March 13th.
The Dencun Upgrade is expected to bring benefits to Layer-2 projects like Arbitrum, further contributing to the excitement surrounding the project.
The impending token unlock has sparked discussions within the cryptocurrency community, with some members considering short positions against ARB, while others have chosen to sell their holdings in advance.
However, some influencers, like JJcycles on X, have drawn parallels to a similar event involving Solana, which saw its token price increase following a token unlock, defying common expectations.
On the 16th of March,
the Arbitrum supply increases dramatically.
Unlocks:
1. 674m ARB – Team
2. 438m ARB – Investors
The last time I saw such a huge supply unlock during a bullmarket of comparatively large cap coin was with Solana during the previous cycle.
It ended up… pic.twitter.com/HSJG7WXbzu
— JJcycles (@JJcycles) March 3, 2024
In a related development, the Arbitrum DAO recently withdrew a proposal to donate approximately $1.28 million worth of ARB tokens to support legal charges against Tornado Cash developers Roman Storm and Alexey Pertsev.
This decision was made in response to concerns raised by token holders regarding the potential legal risks associated with such donations.
Arbitrum DAO has removed a proposal to donate approximately $1.28 million worth of ARB tokens to criminal charges against Tornado Cash developers Roman Storm and Alexey Pertsev. Because token holders have expressed concerns about whether such donations would pose legal risks.…
— Wu Blockchain (@WuBlockchain) March 11, 2024
As the Arbitrum community eagerly awaits these pivotal events, the cryptocurrency market remains vigilant, closely monitoring the developments surrounding the project and the potential impact on ARB’s price dynamics.
The coming week is set to be a significant period for the digital asset market, with several other blockchain projects also releasing their vested tokens, contributing to a total of approximately $2.7 billion in unlocked digital assets.
The post Arbitrum (ARB) Prepares for Massive Token Unlock: Bullish or Not? appeared first on Blockonomi.
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