![Arbitrum [ARB] falls 14% after 1.1B token unlock, but is a rise coming?](https://i.headtopics.com/images/2024/3/17/cryptoamb/arbitrum-arb-falls-14-after-1-1b-token-unlock-but--arbitrum-arb-falls-14-after-1-1b-token-unlock-but--F43741B34809FF5043D2065B0A90780A.webp)
Arbitrum [ARB] crashed 14% shortly after more than a billion of its tokens were released onto the market as part of the cliff unlock.
crashed 14% shortly after more than a billion of its tokens were released into the market as part of the cliff unlock.About 76% of ARB’s total circulating supply, worth over $2 billion, was distributed to the team, future team, and investors, as per AMBCrypto’s analysis ofThese wallets still held over 32 million tokens and could likely deposit more tokens in the days to come, causing further downsides.To gain additional insights, AMBCrypto investigated ARB whales’ behavior using Santiment data.
Interestingly, these user cohorts started amassing tokens in the days leading to the unlock, suggesting that they were bullish on ARB’s prospects. Now that the prices have plunged, it remains to be seen if these whales will continue to accumulate or dump their holdings.Meanwhile, ARB’s on-chain activity increased significantly due to the unlock. About 330k unique addresses were active on the 16th of March, 13k more than the previous day.
Moreover, the number of new addresses on the network jumped 77%, indicating retail excitement and mainstream adoption of the token.Aniket is a full-time journalist at AMB Crypto. With experience in news publishing and content management, he is now increasingly tangled up in the web of cryptocurrencies and blockchains. His focus lies on the intersection between cryptos and traditional finance. He prefers DC over Marvel, cats over dogs and Hyderabadi Biryani over Kolkata Biryani.
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