- Arbitrum is set to double its circulating supply of ARB tokens by March 2024.
- ARB token’s price volatility aligns with the broader cryptocurrency market.
- Token Unlocks predicts a 330% surge in ARB adoption rate by 2024.
Arbitrum (ARB), a prominent Ethereum scaling solution, is poised to introduce a substantial influx of native tokens into circulation by March 2024. Projections indicate that this eagerly awaited token release will effectively double the existing circulating supply of ARB within Arbitrum’s expansive network.
The native token of Arbitrum, known as ARB, has recently exhibited volatility, aligning with prevailing market trends and the broader behavior of the cryptocurrency market. Nevertheless, certain developments specific to Arbitrum have captured the attention of ARB investors, who have been closely monitoring the token’s price performance recently. Additionally, they are keenly observing forthcoming activities that have the potential to influence the future price of ARB.
One potential factor that may impact ARB’s value is the forthcoming expansion of its circulating supply. It is projected that the circulating supply of ARB will experience a significant increase next year, potentially more than doubling. Specifically, data from Token Unlocks, a reputable crypto tokens analytics platform, suggests an expected surge of 116.3% in ARB’s circulating supply.
Token Unlocks has shed light on several key growth indicators for ARB, notably the substantial surge in users acquiring the digital token. As per the analytics platform, the count of ARB token holders has skyrocketed to 611,000 since its inception in March 2023. In line with the projected expansion of the circulating supply, Token Unlocks has highlighted a noteworthy ARB unlocking event scheduled for March 16, 2024. This unlocking event will circulate a staggering 1.11 billion fresh ARB tokens.
Given the projected trajectory, Token Unlocks foresees the ARB holder count to surge to 2.07 million by 2024, signifying an impressive 330% surge in the digital token’s adoption rate. This substantial growth has the potential to instill a strong bullish sentiment within the layer-two protocol, thereby generating considerable positive market sentiment.
The prevailing optimistic outlook materializes as users witness notable bullish ARB-related transactions within the cryptocurrency market. Lookonchain, a reputable on-chain tracker for smart money, has recently detected a prominent investor engaging in multiple ARB withdrawals from the Binance exchange. In their post, Lookonchain emphasized that this investor, commonly called a whale, has successfully withdrawn 11 million ARB tokens, valued at over $13 million.
