HomeUncategorizedArbitrum airdrop-related selling subsides, but Dapp use sustains while smart money accumulates ARB By Cointelegraph

Arbitrum airdrop-related selling subsides, but Dapp use sustains while smart money accumulates ARB By Cointelegraph

March 30, 2023

[ad_1]



The Arbitrum token airdrop led to a massive dump of ARB tokens and projects in the Arbitrum ecosystem in a “sell-the-news” type of event. However, the Layer-2 activity remains strong, with the selling pressure of ARB tokens likely done with, making the rollup well-positioned for further growth.

The Arbitrum (ARB) airdrop was announced on March 16, which caused a significant uptrend in native token prices of Arbitrum ecosystem projects like GMX), Magic , Gains Network (GNS) and Radiant Network (RDNT).

Arbitrum ecosystem tokens after the airdrop announcement (vertical red line) vs. theactual airdrop (vertical blue line). Source: An Ape’s Prologue
The number of transactions on Arbitrum. Source: Dune
The share of transactions count between Ethereum, Arbitrum, and Optimism. Source: Dune
Arbitrum TVL in DeFi applications. Source: DeFiLlama
Smart money flow of ARB tokens. Source: Nansen