FacebookTwitterLinkedInTelegramCopy LinkEmail

Traders Mistakenly Pump Dead Token in Anticipation of Arbitrum Airdrop

Traders Mistakenly Pump Dead Token in Anticipation of Arbitrum Airdrop

One altcoin surged in price after it was mistaken for the native currency of Arbitrum, which will be issuing an airdrop today, on March 23.

The value of ARbit (ARB) jumped by 2,000% over the past 8 days, going from $0.00024 to a peak of $0.027. However, the surge in value was short-lived, and the token’s price has since dropped. As of the last 24 hours, the token is up by 10%.

Despite the correction, the incident highlights the fact that traders still make basic mistakes when trading cryptocurrencies and crypto projects often remind traders to exercise caution.

ARbit is an old cryptocurrency that launched in 2015 and has been inactive for several years. It claimed to offer voice verification features for enhanced security and reduced fraud.

READ MORE: Bitcoin Price Drops After Federal Reserve Chair Warns of Credit Crunch

In contrast, Arbitrum is a newer and active project, and an airdrop of its tokens is set to take place on March 23.

However, scammers are attempting to take advantage of the situation by promoting fake Arbitrum airdrops, so traders are advised to be cautious.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

Learn more about crypto and blockchain technology.