Due to the confusion between ARbit (ARB) and Arbitrum’s ARB token, traders have sparked a 2,000% surge in ARbit token. ARbit has increased from $0.0024 to a peak of $0.027 in the past 8 days, however, its price quickly dropped after that, possibly because traders realized that they were trading the wrong token.
Despite the confusion, ARbit’s 24-hour trading volume is still high, around $6,560. Trader clearly wanted to trade ARB, the native token of Arbitrum, a very popular Ethereum layer 2 solution. Similar situations have happened in the past. At the end of February, crypto traders sent BASE tokens up 350% following Coinbase’s layer 2 announcement. This token also plummeted after traders realized their mistake.
In the crypto market, it is common to confuse similar tokens, especially new traders. So, traders need to be careful while making transactions in order to ensure that they are exchanging the correct tokens.
ARbit is an outdated cryptocurrency introduced in 2015 and since then, it has not had any updates. ARbit was advertised with various features, including flexible multi-engine design delivering text dependent, text independent and text prompted voice verification. The developer says that it will improve security and user experience and reduce fraud.
Arbitrum’s airdrop scheduled to take place on March 23 has created excitement in the crypto community. Over 1 billion tokens will be distributed to over 600,000 addresses, with a minimum of 625 tokens and a maximum of 10,250 tokens.