Coin Edition -
- Arbitrum will do a “Cliff Unlock” tomorrow, April 16, 2024.
- Token Unlock reveals Arbitrum will release 92.65 million ARB into the market.
- The upcoming Token Unlock will increase the ARB token supply by 3.49%.
Arbitrum will do a “Cliff Unlock” tomorrow, April 16, 2024, and release fresh ARB tokens into the cryptocurrency market, according to data from the Token Unlock app. Further details from the app show the layer-2 project’s upcoming Token Unlock will claim the lion’s share of tokens to be released into the crypto market this week.
According to real-time data on the app, this particular Token Unlock will inject approximately $110 million into the crypto market. Arbitrum will unlock 92.65 million ARB, representing 3.49% of the circulating supply. The event will happen exactly one month after the previous Token Unlock, when the project released 1.11 billion ARB, equivalent to $2.09 billion, into the crypto ecosystem.
It is essential to note that Token Unlock highlighted that the upcoming program will be a “Cliff Unlock,” implying a system where no tokens are released initially until a “cliff,” which is the unlock date. The event where projects release lump sums of tokens into the market on the specified release day.
Token Unlocks, like the upcoming event, usually have an economic impact on the crypto market and directly impact the price of the particular token. The exercise increases the token supply, often leading to many traders taking short positions in the short term.
ARB slipped by over 25% after the last Token Unlock event, with the price dropping for four consecutive days. The layer-2 blockchain’s token fell from $1.96 on March 16 to $1.44 as of March 19 before making a rebound, according to data from TradingView.
The layer-2 scalability blockchain solution traded for $1.23 as of writing, recovering from a recent dip. Arbitrum’s community members are anticipating the upcoming event, knowing that the general crypto market dynamics could impact the effect of the exercise.
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