SNEAK PEEK
- ARB token distribution empowers DAOs for strategic resource allocation.
- Bullish momentum fuels ARB’s price surge and high demand.
- Technical analysis indicates potential buying opportunities for traders.
According to a recent report, 113 million ARB tokens, worth approximately $148 million at the current exchange rate, were given to the DAOs as their initial funding. With 8 million ARB tokens each, Treasure DAO and GMX were among the largest recipients. A total of 90 million ARB tokens, currently worth $120 million, have been distributed.
Arbitrum airdropped ~90.15M $ARB ($118M) to 131 DAO addresses 8 hrs ago.
Here is the list (most addresses identified).?https://t.co/YOBREpZaiNhttps://t.co/yfvVpxlRfE pic.twitter.com/Iok9YIbb1C
— Lookonchain (@lookonchain) April 25, 2023
The token distribution, part of Arbitrum’s more significant effort to localize community governance, gives DAOs the discretion to decide how to distribute their share of the ARB tokens. For instance, PlutusDAO has promised to “make Plutus stronger than ever before” with the extra funds. This approach gives DAOs more discretion over allocating resources for their operations.
At the time of writing, ARB’s price was $1.37, up 4.94% from its previous close, showing strong bullish momentum. Market capitalization and 24-hour trading volume increased by 4.99% and 12.10%, respectively, to $1,750,463,003 and $649,221,704. This motion suggests a high demand for ARB, which may be attributed to good news or developments regarding the business.
On the ARB market’s 4-hour price chart, the stochastic RSI’s line points north and is above its signal line, marked by a value of 75.32. According to this bullish signal, the market may soon experience an upward trend, which indicates that the buying pressure is increasing and the momentum is shifting toward the buyers.
The upper bar in the Keltner Channel bands on the ARB Market price chart reads 8.03, and the bottom bar is 7.43. The price may continue to rise within the upper and lower Keltner Channel bands due to this KC movement, which shows that the bullish trend in the ARB market is gaining momentum.
However, the development of red candlesticks and the price action’s movement from the top bar toward the middle band suggest that a pullback is likely imminent. Traders should monitor the support levels to determine whether the trend will continue or reverse.
On the ARB market’s 4-hour price chart, the Fisher Transform’s line is above its signal line, which has a value of -0.75. This move suggests that the ARB market may be starting a bullish trend. Based on this signal, traders might look for buying opportunities.
The Know Sure Thing (KST) has a value of -37.9122, and it is northward-pointing while crossing above its signal line on the 4-hour price chart of the ARB market. This move sends a bullish message to the ARB market and suggests that the price may rise soon. As a result, investors may consider entering the market or holding onto their existing positions.
In conclusion, ARB tokens are riding a bullish wave, presenting potential buying opportunities for investors in the Arbitrum market.
Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions
