The Arbitrum Foundation has just concluded its distribution of the ARB airdrop to decentralized autonomous organizations (DAOs) and it has triggered some positive expectations among the community.
DAOs Receive 90 Million ARB
Following the 1 billion ARB distribution that went to the community, the Arbitrum Foundation has executed the second stage of its airdrop. On Monday, the foundation announced that it was commencing the airdrop distribution to DAOs.
In total, over 90 million ARB were distributed to 125 DAOs with Treasure DAO receiving the highest allocation of the bunch. These tokens were sent out at a time when the price of the digital asset was trading around $1.32-$1.33, putting the fair value of the airdrops around $120 million. The Twitter thread below lists the 125 DAOs and how many tokens they received.
The list of @arbitrum‘s DAOs Airdrop!!!
1.@Treasure_DAO – 8,000,000 $ARB2.@GMX_IO – 8,000,000 $ARB3.@Uniswap – 4,378,188 $ARB4.@SushiSwap – 4,249,418 $ARB5.@dopex_io – 3,863,107 $ARB6.@CurveFinance – 3,476,796 $ARB7.@RDNTCapital – 3,348,026 $ARB
— ANDAO (,) (@ArbitrumNewsDAO) March 21, 2023
Following the airdrop, the price of ARB saw a slight uptick but this did not last long as the coin quickly resumed its downward trend. Its price briefly touched $1.35 in the early hours of Tuesday. However, as of the time of writing, it is back down to $1.31.
Arbitrum Still Has A Long Way To Go
The ARB airdrop to DAOs has so far not had the effect on the price of the digital asset as expected, but that has not eliminated the bullish expectations for the cryptocurrency. Analyst Jack Niewold took to Twitter to share that he expects ARB to flip the likes of XRP.
However, ARB is still trading sideways but this can also be attributed to the general market downtrend which has seen the majority of the market lose their gains from last week. If this slow momentum continues, then it is unlikely that ARB will meet the expectations for its price.
On the bright side, Arbitrum is still showing strength volume-wise. It is currently the third-highest behind Ethereum and BSC in terms of volume, DefiLlama data shows. Additionally, where Ethereum’s volumes have dropped over the last week by 2.53%, Arbitrum is up 11.74%.
ARB’s trading volume has unfortunately seen a decline over the last 24 hours. The cryptocurrency saw trading volumes of $558.8 million, a 27.64% decline from the previous day’s numbers. This shows a decline in interest for investors and has contributed to the downward trend that the token has experienced.
ARB’s price also fell below $1.3 briefly on Tuesday before recovering to $1.31. At this current price, the coin is seeing meager gains of 0.46% on the 24-hour chart but is down a significant 25% on the 7-day chart.