Speculative trading on Arbitrum’s IOU token has recorded a significant price decline less than 48 hours before the token release.
Spot trading and derivative market for Arbitrum were open to traders in anticipation of this week’s airdrop event. Last week, developers of the Ethereum layer 2 (L2) network confirmed March 23rd as the launch date. Statistics from crypto data aggregator Coinmarketcap show that ARB’s IOU token began to trade at $8 on three exchanges yesterday.
ARB’s Mock Token Rebounds After Slump
Interestingly, this market gained significant traction with a cumulative trading volume of over $14 million while its price almost doubled, hitting $14. On the daily chart, things took a negative turn for the mock token as it slumped below the $3 price mark representing a 75% decrease from previous highs on the same day. Although, price action made a quick recovery and returned to trade slightly above $7 at the time of writing.
ARB (IOU) price chart | Source: Coinmarketcap
In addition, it is worth stating that these price levels do not guarantee the worth of the real tokens upon launch. Community members qualified for the airdrop based on certain criteria. According to Arbitrum’s website, airdrop receivers must have satisfied at least three transaction requirements announced on their platform.
The layer 2 IOU native token currently trades on DigiFinex, XT.COM, BitMEX, and Hotbit. This digital commodity represents debts between two parties and settles instantly as impatient traders wager their funds. Growing scalability demands have inspired the creation of alternate chains, including second-layer blockchains, which have garnered a sizable volume over the years. The high transaction fee that has continued to rip traders in highly charged market conditions is chief among these needs.
How much do you think the $ARB token will trade after launch? Let us know your thoughts in the comment section below.
