Arbitrum’s Governance Token ARB Ranks Within Top 40 Market Capitalizations Following Airdrop

Following the Arbitrum token airdrop, ARB has become a top 40 cryptocurrency as it currently holds the 37th largest market valuation out of more than 23,000 listed digital currencies. Currently, there is a circulating supply of 1,275,000,000 ARB, and the Arbitrum Foundation’s DAO Treasury holds 3.52 million or 35.27% of the airdropped supply. Over the past day’s trading sessions, ARB has decreased by 9.8% against the U.S. dollar.

According to statistics recorded on Saturday, March 25, 2023, Arbitrum’s native governance token, ARB, is now the 37th largest cryptocurrency by market capitalization. The governance token for the layer two Ethereum scaling project has a larger market valuation than Optimism’s governance token, OP, which is the 66th largest by market capitalization on Saturday.

ARB’s overall market valuation is $1.58 billion, and 24-hour trading statistics show a range from $1.19 to $1.39 per unit of ARB over the last day. Data from Dune Analytics indicates that 968.71 million of the 1.275 billion ARB tokens have been claimed so far, accounting for 83.4% of the claimable tokens on March 25.

Currently, there are 247,700 unique ARB holders, and the top ten addresses hold 94.41% of the ARB in circulation. The Arbitrum Foundation’s DAO Treasury holds roughly 3.52 million ARB, and the second-largest address holds 2.69 million ARB.

Exchanges that hold a significant amount of ARB include Bybit, Kucoin, Mexc Global, and Bitget, as all four exchanges have addresses within the top 25 largest ARB holders. Two days ago, on March 23, ARB reached both an all-time high and an all-time low on the same day.

The price today is 89% lower than the recorded all-time high of $11.80 per unit and 12.9% higher than the all-time low of $1.10 per ARB. The trade volume of ARB has increased significantly over the last two days, with $1.738 billion in ARB trades settled during the last 24 hours.

The top five most active cryptocurrency exchanges in terms of ARB trade volume include Binance, Bitget, Okx, Uniswap (Arbitrum version), and Gate.io.

What do you think the future holds for Arbitrum’s governance token ARB? Let us know in the comments section below.