- ARB’s circulating supply will more than double over the next 365 days. To be precise, it goes up by more than 110%.
- The token fell more than 7% last week and the stats looked bearish.
Only a few months have passed since then Arbitrums [ARB] mainnet launch, and the network has reached new heights. According to recent data, Arbitrum lagged only zkSync Era in daily transactions, followed by Optimism [OP].
Token Unlocks’ latest tweet also highlighted some of the network’s achievements since its inception, which have been encouraging. The tweet also mentioned how ARB’s circulating supply will increase significantly over the coming year.
Read Arbitrums [ARB] Price prediction 2023-24
The achievements of Arbitrum and a look into the future
Ethereum Daily, a popular Twitter handle that talks about developments in the ecosystem, revealed that Arbitrum was second only to zkSync Era in terms of daily transactions. This was a huge achievement, reflecting how adoption of the network has increased in recent months.
Top 1️⃣ daily trades 👉 @zksync Era∎ pic.twitter.com/wCyZh4Uw8h
— Ethereum Daily (@ETH_Daily) July 23, 2023
As if that wasn’t enough, Token Unlocks’ latest tweet highlighted how far Arbitrum has come since its launch in March 2023. According to the tweet, ARB holders reached 611,000 in just five months, further proving how the community is adopting the token.
Looking back, it’s also important to understand what ARB’ might look like. The Token Unlocks tweet also revealed that the token’s circulating supply will increase significantly over the coming year. The circulating supply will more than double over the next 365 days.
Front projection @arbitrum : 🩵🧡$ARBThe company’s circulating inventory will more than double in the next 365 days. (116.3%)
Here are some key points to consider:
✅ @arbitrum mainnet went live in March ’23.
✅ In just 5 months, $ARB holders reached 611k.
🔥 Expect a significant unlock on… pic.twitter.com/q4mpPxTHiv— Token Unlocks (@Token_Unlocks) July 23, 2023
In fact, it goes up by more than 110%, which can be considered a substantial amount. Considering this and ARBpast, the number of ARB holders could skyrocket.
According to the tweet, with this holder growth rate, we could see 2.07 million ARB holders year-over-year, which is a 330% increase. However, token unlocks are generally followed by a price drop as they increase the circulating supply and disrupt the supply/demand chain.
Realistic or not, here it is ARB market cap in BTC‘s conditions
ARB state of affairs
At the time of writing, the price of the token was under a bearish influence. According to CoinMarketCap, ARB’s price fell more than 7% in the past seven days. At the time of writing, it was trading at $1.20 with a market cap of over $1.5 billion.
A look at the token’s on-chain revealed that investors should brace themselves for some turbulence in the coming days. Whale activity around the token dropped last week. The market value to realized value (MVRV) ratio also plummeted, which was bearish.
In addition, Arbitrum’s one-week price volatility decreased, reducing the likelihood of a sudden uptrend. However, despite the drop in price, it was interesting to note that ARBThe total number of holders went up last week.
Source: Sentiment
