Arbitrum (ARB): Stock exchange debut successful, airdrop overflowing
Originally posted here.
By: Stephan Fiedler
Arbitrum has launched its own token ARB. The price curve settled at just under 1.40 US dollars, which was within the expected range. However, the […]
Arbitrum has launched its own token ARB. The price curve settled at just under 1.40 US dollars, which was within the expected range. However, the Arbitrum airdrop experienced technical failures due to high demand.
The eagerly awaited launch of Arbitrum (ARB) went off without a hitch yesterday afternoon. Layer 2 solution Arbitrum launched its own token via airdrop, distributing 12.75 percent of all ARB for free to loyal users. Arbitrum’s price curve quickly moved into a corridor between $1.30 and $1.50 after a tumultuous first hour of trading. This level is in line with optimistic expectations of analysts, who were happy to compare ARB with Optimism (OP) in the run-up and had forecast prices of more than 1 US dollar for Arbitrum.
However, technical difficulties caused displeasure among investors. Arbitrum’s web presence, through which the airdrop is organized, was at times overwhelmed by so many requests that connections could no longer be made. The Arbitrum Foundation apologized via Twitter for the problems, which have since probably been resolved. Blockchain data shows that never before have so many transactions been processed on the network as in the last 24 hours, nor have so many wallets been active in one day.
Arbitrum is among the Layer 2 solutions that complement the Ethereum (ETH) ecosystem with its own blockchain and scores with low transaction fees. Currently, ARB is ranked around 35th among the most capitalized cryptocurrencies with a market capitalization of just over $1.7 billion, which can be considered a success for a stock market debut. Optimism, often classified as the main competitor to Arbitrum, currently ranks 63rd on the list of major altcoins with a market capitalization of around $760 million.
Conclusion: crypto market ready for new coins like Arbitrum
The market environment for the launch of new coins like Arbitrum in Q1 2023 is dominated by macroeconomic uncertainties, ranging from tough US regulation to problem banks. But that apparently isn’t stopping investors from investing in new cryptocurrencies either. Since its debut in February, for example, BLUR has held up remarkably well as a coin of the eponymous NFT marketplace, and Space ID’s IEO on Binance Launchpad was oversubscribed many times this week. This trend should also be perceived with pleasure at Arbitrum.