Arbitrum Token ARB Suffers Price Dip Ahead of Major Unlock Event

The Arbitrum token (ARB) is experiencing a downturn ahead of a significant unlock event scheduled for May 16th at 1 PM UTC. The price has dropped approximately 3% in the past 24 hours, currently hovering around $0.4080. This event involves roughly 92.65 million ARB tokens worth about $37.8 million entering circulation, representing nearly 2% of the total supply. Market volatility is anticipated due to this sudden increase in circulating supply, with traders displaying anticipation and cautious optimism.