The impending token unlock event scheduled for April 16 poses a significant risk to Arbitrum (ARB) investors, as the market braces for potential price fluctuations.
These unlock events are notorious for triggering substantial volatility in cryptocurrency markets, given the uncertainty surrounding their aftermath.
On April 16, 2024, a staggering 92.65 million ARB tokens, representing 3.49% of the total circulating supply, are set to be released into the market. With a market value estimated at approximately $116.73 million, the unlock event has garnered widespread attention from investors and analysts alike.
#Arbitrum to Unlock 92.65 Million ARB Tokens in 'Cliff Unlock' Event.
🚨 On April 16, 2024, 92.65 million #ARB tokens, which is equivalent to 3.49% of the total tokens in circulation will be unlocked.
👉 The market value of this release is $116.73 million. pic.twitter.com/x8DSDX9wRy
— Crypto Aman (@cryptoamanclub) April 16, 2024
Amber Group Sells Off Major ARB Holds
In anticipation of the event, on-chain reports indicate that Amber Group, a major player in the crypto space, recently offloaded 1 million ARB tokens, netting approximately $1.13 million in proceeds.
This move follows a series of transactions involving ARB tokens, including a transfer of $9.43 million worth of ARB to an undisclosed address just a month ago. Despite these sales, Amber Group still retains a sizable stake of 3.1 million ARB tokens.
一小时前，Amber Group 疑似再次卖出 100 万枚 $ARB ，价值 113 万美金
一个月前 Amber 将价值 943 万美金的 ARB 转移至该地址，多次充值进交易所后，目前仍剩余 310 万枚代币
钱包地址 https://t.co/R2sYk57ci6 pic.twitter.com/t6W0rOGR95
— Ai 姨 (@ai_9684xtpa) April 16, 2024
The market sentiment surrounding Arbitrum has been bearish in recent days, with the token experiencing a notable decline of 25% over the past week.
This downward trend, coupled with the impending token unlock, has heightened concerns among investors about the potential impact on ARB’s price stability and overall market dynamics.
As the unlock date approaches, market participants are advised to exercise caution and closely monitor developments surrounding Arbitrum.
The outcome of the token release event is expected to have far-reaching implications for the cryptocurrency’s future trajectory, with the potential for significant price volatility and market turbulence. Amidst the uncertainty, investors are urged to stay informed and make well-informed decisions to navigate the evolving landscape of the crypto market.
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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