Traders in the crypto world were in for a big surprise recently as the price of ARbit’s native token (ARB) skyrocketed by an astounding 2,000%. The alleged cause of this unexpected surge was confusion with the highly anticipated Arbitrum token.
As traders rushed to invest in what they believed had an upcoming token airdrop, they inadvertently poured their funds into ARbit, causing prices to soar. The phenomenon has left many scratching their heads, but one thing is for sure: ARbit’s sudden rise to fame is a prime example of the unpredictable nature of the cryptocurrency market, as highlighted by experts.
During the course of the last twenty-four hours, the value of an ARB token has increased by more than thirty percent, reaching a new all-time high of $0.01136.
ARB/USD price chart, source: Coinmarketcap
Yet, throughout the previous week, the price of ARB has increased from a low of $0.00024 to a high of $0.027. Since then, it has decreased, most likely as a result of traders realizing they were trading the incorrect token.
It has been said that ARbit has been a very outdated cryptocurrency since it was first introduced in 2015. Since there has been no information about this project for close to eight years, it is presumed to be abandoned.
In related updates, according to statistics provided by Lookonchain, recent advances in this field imply that $ARB claiming would be live within five hours of the time the data was released.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.
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Source: Cryptocurrency - investing.com
