Should You Buy This New Crypto With Explosive Upside Potential?
When the new Arbitrum (CRYPTO:ARB) token started trading in crypto markets on March 23, it was arguably the most highly anticipated token debut of the year. Arbitrum had sparked tremendous investor interest as well as hype and speculation online after announcing earlier in the month that it would distribute more than 1 billion tokens to users, developers, and investors within its ecosystem in what is known as a crypto airdrop. As part of this airdrop, if you were an active user or developer of Arbitrum, you were entitled to claim free tokens that would be sent to your online crypto wallet.
But in many ways, the hype and speculation surrounding the airdrop was Arbitrum's downfall as soon as the token started trading. Many saw this as an opportunity to become a crypto millionaire overnight. On the first day of trading, Arbitrum fell by 90% from its early price of more than $11 as new token owners sold en masse and locked in profits. Arbitrum now trades for about $1.20.
Source Fool.com
