A significant development will occur today for Arbitrum, a closely followed altcoin by the cryptocurrency community in Turkey. The token unlock event will take place. Investors tend to follow such events as they often impact the price. Let’s look at the details of this development.
ARB Coin Token Unlock Event
We occasionally provide updates on token unlock events. Arbitrum will release a certain amount of ARB into the market today with its token unlock event. The unlock will occur at 16:00 today. The amount of tokens to be unlocked is 92.65 million ARB, which translates to approximately 93 million dollars in value.
This unlock, representing 3.49% of the token supply, will increase the amount of Arbitrum in the market. Currently, there are 2,653,939,384 ARB in circulation. With the token unlock, this number will rise further. The total supply of Arbitrum is planned to be 10 billion ARB.
Arbitrum Price Under Scrutiny
Arbitrum, one of the altcoins heavily invested in by Turks, has recently been in the spotlight due to its price decline. The ARB price has been in a downtrend since March 11. This situation has significantly troubled ARB investors.
ARB reached $2.42 in March. Currently, ARB coin is ranked 43rd in the cryptocurrency market, and there is uncertainty about its future price direction. This is because a certain amount of ARB is sold every month with token unlock events. This situation understandably causes unease among investors.
Regarding my thoughts on ARB coin, the existence of 10 billion ARB gives an approximate idea of where the price might go during a bull season. The current market value of the cryptocurrency is around 2.6 billion dollars. Predictions of $50 and $100 ARB should be questioned. The crypto world is unpredictable, but it is unrealistic for a cryptocurrency with a 10 billion supply to have a market value of 500 billion dollars or even 1 trillion dollars.
