Arbitrum (ARB) Faces Major Unlocking Event Amidst Exchange Activity
Arbitrum (ARB) enthusiasts are bracing themselves for a significant unlocking event scheduled for March 16th.
This event will mark the release of a whopping 1.1 billion tokens, accounting for a substantial 76% of the total circulating supply. Investors and the project team will be the primary beneficiaries of this sizable token distribution.
The anticipation surrounding this unlocking event has been further fueled by recent movements of ARB tokens to various cryptocurrency exchanges. In the past 24 hours alone, a considerable amount of ARB has been transferred to these platforms, sparking speculation and interest among market participants.
In a noteworthy development, two prominent whales identified as 0x141 and 0xc99 have collectively deposited a staggering 2.77 million ARB tokens, valued at $5.94 million, onto the Binance exchange.
This strategic move is believed to have yielded a substantial profit of $3.29 million for the whales. Their actions come ahead of two significant events expected to impact the ARB price in the coming week.
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
Dencun Upgrade And Arbitrum ARB Benefits
The first event, DencunUpgrade, scheduled for March 13th, is anticipated to bring benefits to Layer-2 projects like Arbitrum. Meanwhile, the much-anticipated token unlock event on March 16th is set to release 1.11 billion ARB tokens, equivalent to $2.38 billion, into circulation. This event, constituting 76.6% of the circulating supply, is poised to have a profound impact on ARB’s market dynamics.
In a related development, Arbitrum DAO recently withdrew a proposal aimed at donating approximately $1.28 million worth of ARB tokens to support legal charges against Tornado Cash developers Roman Storm and Alexey Pertsev.
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
This decision comes in response to concerns raised by token holders regarding potential legal ramifications associated with such donations.
As ARB enthusiasts eagerly await these pivotal events, the cryptocurrency community remains vigilant, closely monitoring the unfolding developments surrounding Arbitrum.
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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