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 Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
