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.

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.

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