• Arbitrum airdropped over 1 billion ARBK tokens to its community in March
• The Arbitrum Foundation came under fire for spending tokens without the approval of its holders
• Trading volume of ARB has seen a massive boost which is almost as high as its market cap
Arbitrum Airdrop
In March, the Arbitrum blockchain layer 2 airdropped over 1 billion ARBK tokens to its community.
Arbitrum Foundation Criticism
The Arbitrum Foundation came under fire soon after for spending tokens without the approval of its holders, sparking Fear, Uncertainty, and Doubt (FUD) for the asset.
Trading Volume Surge
Despite this FUD, trading volume of ARB has seen a massive boost in the last 24 hours and it currently stands at more than $1.17 billion – almost as high as its market cap which is sitting at $1.55 billion. Additionally, decentralized exchange volume was $326.5 million.
Price Reacts Negatively
Price of the token initially lost its footing above $1.3 and declined to the $1.1 region. However, it would not spend long at this level and has since recovered above $1.2 despite all the FUD that was expected to drag it below the $1 mark.
Bulls Remain In Control
This recovery shows that bulls are still very much in control of their asset and forecasts remain largely in favor of an additional price rally for ARB token holders.