Arbitrum airdrop-related selling subsides, but Dapp use sustains while smart money accumulates ARB
The ARB airdrop followed the sell-the-news narrative, but Arbitrum's Dapp use and fundamentals remain strong and smart money continues to buy ARB tokens. The Arbitrum token airdrop led to a massive dump of ARB tokens and projects in the Arbitrum ecosystem in a “sell-the-news” type of event. However, the Ethereum Layer-2 activity remains strong, with the selling pressure of ARB tokens likely done with, making the rollup well-positioned for further growth. Arbitrum ecosystem tokens sees sell-the-news type event The Arbitrum (ARB) airdrop was announced on March 16, which caused a significant uptrend in native token prices of Arbitrum ecosystem projects like GMX), Magic , Gains Network (GNS) and Radiant Network (RDNT). The primary reason behind the pump was the ARB airdrop catalyzing the Arbitrum ecosystem’s growth. However, according to a report from An Ape’s Prologue, “this thesis was seemingly front-run,” as the price surge mainly occurred between the period of the airdrop announc...