A popular crypto trader is warning investors about the upcoming token airdrop for layer-2 (L2) scaling solution Arbitrum (ARB).
Pseudonymous trader Altcoin Sherpa tells his 193,000 Twitter followers that when the Arbitrum Foundation airdrops its native token, the price will likely plummet before rising again, pointing to the token drop of Blur (BLUR) back in February to support his price action theory.
“I am going to use this type of framework for the upcoming ARB airdrop. This is going to be a really fun one to trade and I am going to be ready for it. Expecting it to dump like hell initially and then the MMs (market makers) will buy it up and send it up. Low time frame traders dream.”
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Source: Altcoin Sherpa/Twitter
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