Decentral Block Post

Arbitrum suffered a big blow during the April 1 to April 2 weekend due to a conflict between the ARB token holders and the Arbitrum Foundation on the allocation of $750 million ARB tokens worth around $900 million.

Data from on-chain analysis firm Arkham Intelligence shows that the transfer of $50.5 million out of the disputed allocation of 750 million ARB tokens. They shared with Cointelegraph that,

“Only 50.5 million of those tokens have been moved. 10 million tokens have been sent to be sold on exchanges, 40 million have been loaned to Wintermute and the remaining 500K remain untouched in a multisig wallet (labeled Gnosis Safe Proxy).”

On April 3 morning, the Arbitrum Foundation conceded to the community's opposition and decided to break up the said proposal in question into multiple proposals for allocating the funds for the project's ecosystem growth.

Another on-chain transfer of 2.694 billion ARB tokens from the DAOs Treasury to 140 addresses spooked the market. The transfers ranged from 100,000 to 71.6 million ARB per address.

Arbitrum suffered a big blow during the April 1–2 weekend due to a conflict between ARB tokenholders and the Arbitrum Foundation on the allocation of 750 million ARB tokens worth around $900 million.

Data from on-chain analysis firm Arkham Intelligence shows a transfer of $50.5 million out of the disputed allocation of 750 million ARB tokens. They shared with Cointelegraph:

“Only 50.5 million of those tokens have been moved. 10 million tokens have been sent to be sold on exchanges, 40 million have been loaned to Wintermute and the remaining 500,000 remain untouched in a multisig wallet (labeled Gnosis Safe Proxy).”

On April 3, the Arbitrum Foundation conceded to the community’s opposition and decided to break up the said proposal in question into multiple proposals for allocating the funds for the project’s ecosystem growth.

Another on-chain transfer of 2.694 billion ARB tokens from the decentralized autonomous organization’s treasury to 140 addresses spooked the market. The transfers ranged from 100,000 to 71.6 million ARB per address.

The price of Shiba Inu (SHIB) increased over 10% in a day amid broader upside moves across meme cryptocurrencies in the past 24 hours. But will SHIB price rally further

SHIB price tails Dogecoin's gains

On April 4, SHIB's price reached $0.00001159 a day after rebounding from its local low of $0.00001049 — a 10.5% increase. Still, the meme-token underperformed most of its rivals, including Dogecoin (DOGE), which jumped over 30% in the same period.

On a year-to-date timeframe, SHIB and DOGE's gains are nearly identical around 38%. 

SHIB price started rallying after Twitter, owned by self-proclaimed Dogecoin supporter Elon Musk, replaced its iconic blue bird logo with Dogecoin's Shiba Inu symbol. SHIB/U has rallied similarly in the past due to Musk's Dogecoin mentions on Twitter.

Interestingly, in October 2021, Musk clarified that he does not hold Shiba Inu.

The price of Shiba Inu (SHIB) increased over 10% in a day amid broader upside moves across meme cryptocurrencies in the past 24 hours. But will SHIB price rally further

SHIB price tails Dogecoin's gains

On April 4, SHIB's price reached $0.00001159 a day after rebounding from its local low of $0.00001049 — a 10.5% increase. Still, the meme-token underperformed most of its rivals, including Dogecoin (DOGE), which jumped over 30% in the same period.

On a year-to-date timeframe, SHIB and DOGE's gains are nearly identical around 38%. 

SHIB price started rallying after Twitter, owned by self-proclaimed Dogecoin supporter Elon Musk, replaced its iconic blue bird logo with Dogecoin's Shiba Inu symbol. SHIB/U has rallied similarly in the past due to Musk's Dogecoin mentions on Twitter.

Interestingly, in October 2021, Musk clarified that he does not hold Shiba Inu.