The Team of the Popular Altcoin, Which Fell by 86%, Will Gradually Buy From the Market! - Coin Bulletin

Offchain Labs, the developer of Ethereum's Layer 2 solution Arbitrum, announced that it will gradually buy the ecosystem's native token ARB to strengthen its reserves.

The developer team behind Arbitrum, created to ease the transaction load on the Ethereum network, has decided to purchase ARB tokens from the market. According to the team's announcement, it was stated that, within the scope of the determined strategic purchase plan, ARB tokens will be purchased from the open market and other methods according to certain criteria. It was emphasized that the purchases will not be one-time, but will be carried out over time and in a phased manner.

Offchain Labs stated that it will make this move to increase confidence in the ecosystem and support the growth of Arbitrum. The company's goal is to support other initiatives run by Arbitrum DAO, especially innovative projects such as Arbitrum BoLD, Orbit, and Stylus.

The strategic move of the Arbitrum team has the potential to reinvigorate the price of ARB, which has experienced a significant decrease in value recently. ARB, which peaked at $2.39 at the beginning of 2024, is currently trading around $0.32 level. This indicates that the price has experienced an 86% decline since the peak. Additionally, the price of ARB token has declined by 54% since the beginning of the year.

The increase in the circulating supply of the token also increases the pressure on the price. The amount of ARB in circulation, which was 2.9 billion in mid-2024, has now reached 4.4 billion due to planned unlocking. Based on the current valuation of the total supply of 10 billion ARB, the fully diluted market value is at $3.2 billion.