Princewill Pius
Arbitrum’s native ARB token has landed a spot in the top 40 most valuable cryptocurrencies after yesterday’s airdrop, as its price shot up quickly before a sell-off leveled off the explosive hype.
The token’s place as the 38th largest digital asset—by market cap, according to data from CoinGecko—comes one day after the project launched the highly-anticipated token to users of the Ethereum scaling network.
Now, 81% of the tokens have been claimed, public blockchain data curated by Dune shows, and $2.5 billion worth of ARB tokens have traded hands in the past day.
At the time of writing, ARB was trading for $1.27, per CoinGecko data, down 2.8% in 24 hours. At one point yesterday, ARB briefly touched as high as $8.76. That peak was short-lived, however, and the price has held relatively steady since shortly after the drop.
Arbitrum is a scaling solution for the Ethereum network. It aims to make using Ethereum’s blockchain cheaper and faster by settling transactions on a sidechain before reporting back to the main blockchain. This is useful for people wanting to make quick trades—especially in the world of decentralized finance (DeFi).