Traders confuse ARbit (ARB) with the Arbitrum Token, causing it to rise by 2000%
In a nutshell
- traders mistakenly bought a dead token called ARbit under the name Arbitrum token (ARB).
- Thus, the ARbit token increased by 2000%.
- The airdrop from Arbitrum has sparked excitement in the cryptocurrency community.
In error, cryptocurrency traders have been pumping a dead token called Arbit under the name Arbitrum. Today, the latter is scheduled to airdrop tokens.
Due to traders’ confusion, a token called ARbit (ARB) has experienced a 2000% increase. The token’s price has increased by 10% over the last 24 hours, but it rose from $0.00024 to a high of $0.027 in the previous 8 days.
Since then, it has dropped, probably as a result of traders realizing they were exchanging the incorrect token.
ARB to the Moon
Given the error, 24-hour trading volumes are still high, at about $6,560. It just goes to show that when it comes to trading cryptocurrencies, traders still make simple mistakes.
There is no doubt that traders anticipated trading the ARB token, which is the token used for Arbitrum. The latter is a well-liked Ethereum layer 2 scaling solution.
These errors have been committed in the past. Following a layer 2 announcement by Coinbase in late February, cryptocurrency traders pumped and dumped the BASE token. The token increased by 350% before falling as traders realized it was the incorrect token.
It’s a fairly simple error in the cryptocurrency market. Trading caution and double checking that they are exchanging for the correct token are two things that cryptocurrency projects frequently remind traders to do.
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What Is ARbit (ARB)?
A very old cryptocurrency, ARbit first appeared in 2015. Since there has been no communication for about eight years, it is regarded as a dead project.
Many features, including “flexible multi-engine design delivering text dependent, text independent, and text prompted voice verification,” were among the features it was said to offer. It would essentially cause all voices to unlock wallets. The program’s creators claimed that it would provide improved experiences and lessen fraud.
Arbitrum Airdrop Excites Crypto Community
The cryptocurrency community is anticipating the March 23 airdrop of Arbitrum. More than 600,000 addresses will receive airdrops totaling more than 1 billion tokens. The minimum and maximum airdrop values are 625 and 10,250 tokens, respectively.
Of course, there are con artists looking to profit from the circumstance. Trading professionals are urged to exercise caution because there are numerous fake Arbitrum airdrops going around on social media.
Following the airdrop, Arbitrum will function as a DAO, with the ARB token acting as the governance token. It represents a significant shift for the project and ushers it into the following stage.
