Arbitrum price dips post massive token unlock, mass sell-off drives ARB decline

Arbitrum, an Ethereum scaling token unlocked 1.1 billion tokens in line with its schedule on Saturday.

Arbitrum token unlock was followed by an ARB price correction as airdrop receivers deposit over $16 million worth of tokens to Binance. Wallets that deposited ARB to Binance hold nearly 33 million Arbitrum tokens and further deposits and sell-off could usher a decline. ARB price dipped nearly 6% in the past day. Post the unlock, there was an increase in inflow of ARB tokens to exchanges, investors that received Arbitrum token airdrops, lined up to shed their holdings and realize gains.

95 million ARB tokens worth $16.14 million to Binance. These wallets hold another 32.95 million in ARB tokens, worth over $56 million, according to on-chain data. These wallets could therefore add to the selling pressure on the L2 token by depositing their holdings to exchanges. It was unclear whether the six whale wallets realized their gains in ARB tokens. The platform identified another whale addresses that deposited 3 million ARB tokens to Binance and realized an estimated gain of $5.

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