A token surge of over 100 times occurred due to the same mark (ARB) amidst the news of Arbitrum’s listing

By 0xK2 On Mar 23, 2023

Arbitrum (ARB), a popular blockchain scaling solution, is set to be listed on all major exchanges simultaneously. However, this news has been overshadowed by an amusing occurrence in which tokens using the same abbreviation as ARB skyrocketed in price.

One such token is ARbit (ARB), which has seen its price soar up to 100 times from $0.00024 to $0.027 over the past week. Despite this surge, the ARbit (ARB) token has since fallen to $0.01357 with a 24-hour trading volume of just $9,210.

CoinMarketCap shows four projects listed under the ARB abbreviation, and another project, ARB Protocol, also saw a massive surge in price within a week. The ARB Protocol token was only worth $0.00043 on the 17th but soared to $0.0050 on the 21st, a 1,163% increase. The project’s 24-hour trading volume is currently $1.08 million.

Investors mistaking ARbit (ARB) or ARB Protocol (ARB) for the Arbitrum (ARB) token are believed to be behind the recent price surges. As a large-scale project, Arbitrum has generated interest from investors, with news of its simultaneous listing on exchanges and planned airdrop further increasing interest. However, investors must exercise caution and ensure they are investing in the correct tokens.

ARbit (ARB) is a project launched in 2015, with its official website stating it is a cryptocurrency used in the Augmented Reality industry. However, the project has been considered a dead project as it has maintained virtually zero value for the past eight years.

In conclusion, investors should exercise caution and perform due diligence when investing in digital currencies. The recent surge in price for tokens with similar abbreviations to the Arbitrum (ARB) token highlights the importance of careful research before investing in any cryptocurrency.

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