Arbitrum, Ethereum's leading Layer-2 network, has started token distribution to eligible decentralized autonomous organizations (DAOs) in its ecosystem.
On-chain data from Arbitrum showed that the foundation has transferred significant amounts of ARB tokens to around 130 DAO addresses today.
After this deployment, popular cryptocurrency analytics platform Lookonchain said that Arbitrum airdropped 90.15 million ARB ($118 million worth) to 131 DAO addresses during the day.
Sharing the list of airdropped addresses, Lookonchain said that after receiving the TRIDENT's ARBs, it sold 131,345 ARBs (worth $172,000) at $1.31 through 3 addresses.
“Arbitrum airdropped 90.15 million ARB (worth $118 million) to 131 DAO addresses 8 hours ago. Here are the airdropped addresses.
Specifically, the whale named TRIDENT sold 131,345 ARBs for $1.31 through 3 addresses after buying 257,540 ARBs (worth $337,000).
Arbitrum airdropped ~90.15M $ARB ($118M) to 131 DAO addresses 8 hrs ago.
— Lookonchain (@lookonchain) April 25, 2023
Time will tell if airdropped addresses will sell their ARBs.
Arbitrum, which is in the 35th place among the top 100 cryptocurrencies, has decreased by 1.73% in the last 24 hours and is traded at $ 1.32.
*Not investment advice.