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