Arbitrum distributes 90 million ARB to DAOs, experts await ARB trend reversal

Arbitrum distributed more than 90 million tokens to 125 DAO wallets earlier today, as a part of its airdrop. ARB price reacted positively to the news of the airdrop, analysts note that the token is currently in a downward trend. 

Experts have identified bullish potential in ARB and set a target of $1.6 for the token. 

Also read: Coinbase listing roadmap fuel rallies in Ethereum-based altcoin and another Arbitrum-based project

Arbitrum airdrops ARB tokens to 125 DAOs 

Arbitrum’s DAO airdrop distributor sent upwards of 90 million ARB tokens worth $120 million to 125 wallets, on Tuesday. 90,148,325 ARB was sent to 125 DAOs at $1.33 per token. 

Based on data from crypto intelligence tracker Spot On Chain, Treasure DAO received the highest amount of ARB, at 8 million tokens and 60 other wallets received at least 75,000 ARB tokens each. The top 15 wallets that received the highest volume of ARB are as below:

Top 15 DAO wallets that received ARB

The news of Arbitrum’s airdrop elicited a positive response from ARB and the token’s price surged, however experts note that it is in a downward trend. 

Experts note that ARB distribution is likely to continue. Analysts evaluated the phases of ARB, classifying them as accumulation, distribution and expansion, predicting a massive run up in the token’s price. 

Why experts set a $1.6 bullish target for ARB 

Crypto McKenna, a technical expert and crypto trader believes ARB price is on track to hit its $1.6 bullish target. McKenna’s bullish thesis is based on ARB currently being in the distribution phase where more tokens are being airdropped to DAO wallets, before the next phase, expansion. 

ARB/USDT 1H price chart

During its expansion, McKenna expects ARB price to witness a bullish breakout and hit $1.6. A rally to $1.6 represents a 23% upswing from the current price of $1.3. As seen in the chart above, ARB price has climbed consistently since Monday, a bullish engulfing candle on the daily price chart could send ARB to the next phase of its price rally.