Investors are closely monitoring the trajectory of Arbitrum (ARB) as its price continues to decline across all timeframes, experiencing a further 7% drop in the past 24 hours.
The looming unlock event scheduled for April 16, where approximately 92.65 million ARB tokens are set to be distributed to advisors, team members, and investors, has sparked significant apprehension within the cryptocurrency community.
五分钟前，Amber Group 再次向 #Coinbase 充值 100 万枚 $ARB ，价值 149 万美金 https://t.co/1OjZW3KxKb
目前该地址仍剩余 482 万枚 ARB，价值 719 万美金；2024 年 Amber 已累计向交易所充值 954 万枚 ARB，总价值 1,778 万美金；近七天 ARB 已下跌 13.8%，现价 $1.50
本条推特由 #Bitget 赞助 https://t.co/rVivOpv2NI pic.twitter.com/6nxC2CKUhJ
— Ai 姨 (@ai_9684xtpa) April 2, 2024
Recent on-chain reports reveal that Amber Group has recharged 1 million ARB tokens to Coinbase, amounting to $1.49 million, in a move that underscores the shifting dynamics of the token’s market.
Despite this transaction, there remains 4.82 million ARBs in the address, valued at $7.19 million. Throughout 2024, Amber has consistently deposited ARB tokens to the exchange, totaling 9.54 million ARBs with a combined value of $17.78 million.
ARB Price Decline Rises Worry In Many Traders
The decline in ARB’s price by 13.8% over the past seven days has added to the growing concerns surrounding the token’s performance.
Currently priced at $1.48, investors are closely monitoring market trends and developments leading up to the unlock event.
In the face of mounting uncertainty, market participants are eagerly awaiting further insights into how the upcoming token distribution will impact Arbitrum’s market dynamics and overall trajectory.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
