On Thursday, the Arbitrum airdrop claiming process went live and ARB markets dropped more than 85% lower than pre-IOU market prices recorded the day before. Arbitrum airdropped just over a billion ARB tokens, or 11.6% of the total supply. At noon ET, more than 474 million tokens had been claimed.

Wild Volatility for ARB Token: Prices Range from $1.10 to $11.80 per Unit Following Airdrop

At block height 16,890,400, around 9 a.m. ET, the Arbitrum airdrop claiming process began and distribution of 11.6% of the supply started. The day before, Bitcoin.com News reported on exchanges listing IOU ARB markets just before the real ARB token launched on Thursday. At that time, ARB’s value in U.S. dollars was more than 85% higher. At the time of writing, a single ARB was trading for $1.25 per unit. The ARB token has seen wild volatility over the last 12 hours with prices ranging from $1.10 to $11.80 per ARB.

ARB’s price has been down despite bitcoin nearing $29,000 and ethereum rising to $1,855 per unit. ARB trade volume is much higher than the ARB IOU volumes recorded yesterday at $8.7 million. In the past 24 hours, roughly $849.81 million in ARB volume has been recorded. The top three crypto exchanges with the most ARB trading activity are Binance, Okx, and Bybit.

With 1.275 billion ARB in circulation, 474 million have been claimed by 244,255 unique addresses. Thirty-nine percent of eligible addresses have been claimed and more than 40% of the airdropped ARB has been received by recipients. At $1.25 per unit, ARB’s overall market valuation was $1.6 billion on Thursday afternoon at noon ET.

What do you think about the Arbitrum airdrop and its impact on the crypto market? Share your thoughts in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

During the past 11 days, over 7 billion USDC stablecoins have been withdrawn from circulation, with most of the redemptions occurring following the depegging event of USDC on March 11, 2023. Furthermore, since March 6, a total of 439.48 million BUSD stablecoins have been redeemed.

Stablecoin Depegging Event Triggers Billions in Redemptions

The stablecoin landscape has undergone significant changes this month after a stablecoin depegging event took place on March 11. During this time, USDC dropped to a low of $0.877 per coin, and half a dozen other stablecoins also depegged from the U.S. dollar value on the same day. However, USDC and the other stablecoins have since been re-pegged, and Circle’s stablecoin is trading at $1 on various centralized trading platforms on Friday. On March 6, approximately 43.89 billion USDC were in circulation, and as of 11 days later, 7,089,389,744 USDC have been redeemed.

As of March 17, 2023, metrics show that over the past 30 days, the number of USDC in circulation has decreased by 10.2%. According to coingecko.com’s stablecoin market data, there are currently approximately 36.80 billion USDC stablecoins in circulation. During the depegging event, USDC had double the volume recorded today, which is $6,328,716,602 in global USDC trade volume over the past 24 hours. Over the past day, BUSD’s 24-hour trade volume surpassed USDC, which has the third-largest stablecoin trade volume.

On Friday afternoon (ET), data showed that BUSD had a 24-hour global trade volume of $8,289,546,285 across various exchanges. An archive.org snapshot from 11 days ago, on March 6, indicates that 439,484,014 BUSD had been redeemed. At that time, approximately 8,689,408,012 BUSD were in circulation, while today the number has dropped to 8,249,923,998. According to Nansen’s proof-of-reserve data, Binance holds 7.42 billion BUSD. Coingecko.com’s stablecoin market data shows that over the past 30 days, the number of BUSD in circulation has decreased by 46.3%.

While 7.528 billion USDC and BUSD have been removed from the stablecoin economy, tether (USDT), the largest stablecoin by market capitalization, has seen an 8.7% increase in the number of coins in circulation. Tether now has an overall market valuation of approximately $75.29 billion, with 75.17 billion USDT in circulation. Furthermore, on Friday, tether’s $80.38 billion in global trade volume outshined every other coin in the entire crypto economy in terms of 24-hour settled trades. BUSD and USDC hold the second and third-largest stablecoin volumes, respectively.

What do you think the future holds for stablecoins after the recent depegging event? Will they regain their stability, or will their value continue to fluctuate? Share your thoughts in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Neirfy / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.