Arbitrum distributes 90 million ARB to DAOs, experts await ARB trend reversal
- Arbitrum distributed 90,148,325 million ARB tokens worth upwards of 120 million to DAO wallets earlier today.
- ARB price surged in response to the airdrop, however the token is still in a downward trend.
- Experts believe ARB is in the distribution phase and the token could soon begin expansion, rallying to its $1.6 target.
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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
