Top beneficiaries of the Arbitrum DAO airdrop continue to hodl the majority of the tokens they received over eight months ago, on-chain data analytics platform SpotOnChain reported.
In a post on social media platform X (formerly Twitter), the data tracker noted that four of the ten airdrop receivers still hold 70% of the tokens they received. Currently, the tokens held by the accounts sum up to 15.74M ARB, worth around $35M at current market prices.
Meanwhile, at the time of SpotOnChain’s report, ARB’s value was on an upward climb. In that period, the token hit a new all-time high of $2.38 following a 23% increase. According to SpotOnChain, the sporadic rise in ARB’s price saw the worth of the tokens held by the DAOs increase by $7.08 million.
However, the upward trend has since cooled, data from CoinMarketCap reveals. At the time of press, the token is exchanging hands at $2.28, up 19.60% in the past 24 hours. Trade volume has soared equally following a 77% increase in the abovementioned period.
The uptick in Arbitrum’s price follows weeks of sustained interest in the Layer-2 blockchain. Following a meme coin-led buzz on Solana that has since cooled, interest in Arbitrum rose significantly.
At the start of the year, transaction volume on the network surpassed Solana. The boost came after the total value locked on the blockchain crossed $2.5 billion, evidencing increased crypto investors’ interest. Presently, there is over $2.6 billion TVL on Arbitrum, according to data from DeFiLama.
Meanwhile, XAI, a layer-3 gaming platform built on Arbitrum, distributed airdrops worth over $70 million to gamers yesterday. Following reports of the airdrop, XAI’s value jumped and currently trades at $0.6372, a 20% increase in the past 24 hours.
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