The Arbitrum Foundation has begun token distribution for qualified DAOs.
Like the token launch season, ARB has been hit by selling pressure.
According to information from Arbiscan, arbitration [ARB] has begun to allocate tokens to the decentralized autonomous organizations (DAOs) that have contributed to its network.
This distinction between the tokens differs from the one provided to the early adopters and participants when it was in the testnet phase.
How many Worth 1.10.100 ARBs today?
The contributing DAOs get their share
Before the official token launch, it was Ethereum [ETH] scale project had decided on 113 million ARB tokens out of a total of 10 billion for eligible participants.
Although the Arbitrum Foundation is a fracas with his community on the DAO allocation, the latter later agreed to the AIP 1.1 proposal to proceed with the distribution.
According to on chain data, at the time of writing, 125 DAOs would receive the token in the first batch, while others would be billed to be distributed later. Some of the beneficiaries include MakerDAO [MKR], Uniswap [UNI]And 1 inch network [1INCH].
Prior to the official token launch, the crypto community had high expectations in terms of price performance. But the prime minister was hit sale while ARB tanked from $10 to trade just over $1.
Despite a few attempts to revive from the mess, ARB’s price seems to have bounced back to the state it was in. At the time of writing, it had token lost 25.17% of its value in the past seven days.
Perhaps issue prefers the red bars
According to the four-hour chart, the Awesome Oscillator (AO) showed that the ARB had formed something of a bearish twin peak. In this case, it could be interpreted that the momentum of the token was not controlled by the buyers. At the time of writing, the AO was -0.0991.
Although the indicator remained below the zero histogram, the green bars began to reflect. This suggests that some signs appeared to be offsetting the selling pressure.
Realistic or not, here it is ARB’s market cap in terms of ETH
But this can also prove to be difficult for ARB, according to the indications of the Directional Movement Index (DMI). At the time of writing, the +DMI (green) was 10.55. On the other hand, the -DMI (red) had a higher value at 27.38.
Source: TradingView
In addition, the Average Directional Index (ADX) was 389.82. This indicator serves as a measure of an asset’s directional strength.
When the ADX (yellow) is below 25, it means that the force behind the price action was weak. But if it is above the above-mentioned value, it means that there is a solid support behind the price trend.
This post Arbitrum Begins DAO Token Allotment – Will ARB Go Red Again
was published first on https://ambcrypto.com/arbitrum-begins-dao-token-allocation-will-arb-face-red-again/
