Arbitrum tokens already trading in OTC market even before airdrop release
Crypto community is speculating the pricing for Arbitrum’s unreleased ARB tokens and has started dealing over the OTC market even before token release.
Last week, the most awaited airdrop from Arbitrum Foundation was finally announced and is about to airdrop 1.2B ARB tokens which would be airdropped to eligible community members on Thursday, March 23.
The token is clarified to be used as a governance token for the making important decisions regarding growth and development for Arbitrum through a decentralized autonomous organization (DAO), meaning ARB token holders can vote on key decisions governing Arbitrum One and Arbitrum Nova.
However, despite the token not being released or listed for sale on secondary markets, the crypto community has started buying and selling ARB tokens over the OTC trading market.
Several anonymous users are predicting the launch price for ARB token which indirectly traded among peer-to-peer markets. An anonymous person explained that the price of one ARB coin, when launched, could be as high as $1, so all community members who received airdrop do not mind selling at $0.5 per token and giving room for a possible profit of $0.5 for the buyers.
A pseudonym user on Twitter named Cole (@cole0x) shared that he has secured 6 figures in ARB tokens with an average price of $0.98 from the OTC market.
have secured 6-figs of $ARB OTC at an avg. price of $0.98— Cole (@cole0x) March 21, 2023
wish me luck
The Arbitrum wave also has inspired exchanges to list ARB for perpetual trading. A decentralized orderbook exchange, Demex is now allowing ARB perpetual trading on its platform with ARB trading at $1.43 per token.
Demex is the FIRST DEX to launch $ARB Perpetuals!@Arbitrum is the top L2 scaling solution in Ethereum, and about to #airdrop it’s new token $ARB on March 23rd! Now you can gain exposure to $ARB price before the airdrop on Thursday.— Demex | (,) (@demexchange) March 21, 2023
Arbitrum reportedly holds 55% of the Ethereum layer 2 market share followed by Optimism. As being one of the most significant crypto projects on Ethereum without a token, anticipation for an Arbitrum token has been at a fever pitch since the network went live in 2021.
With total circulation of 10 billion ARB tokens, the Arbitrum community will control 56% of the token supply. This airdrop will grant 11.5% of the total supply to all eligible users and 1.1% to DAOs operating on the Arbitrum.