gm gm everyone, and happy Thursday! What more is there really to say other than that the long anticipated launch of Arbitrum’s token is here.
The other day I wrote a little bit about my thoughts on how the Arbitrum launch will go:
Now, let me take a second just to say that many of us have been waiting for this token forever - in fact, most of the stuff I did to be eligible for the airdrop I did within weeks of the launch of the chain itself. And by most of the stuff I did I generally just mean all of the rugging of me took place pretty close to the launch.
For a while, many people didn’t think it’d ever come (Arbitrum also shot it down). Now, however, the day is here. Personally, I think this airdrop is going to be on as big of a level as Uniswap - basically the biggest airdrop that we’ve had in recent memory. Let’s do some quick napkin math that I am using for my own horrific strategy.
Probably the closest thing you can compare to Arbitrum at this point would be Optimism, and Optimism currently trades at 2.63 per token with a circulating supply of 314 million, a market cap of 827 million, a total token supply of 4,294,967,296, and an FDV of 11 billion.
Arbitrum, on the other hand, has an initial token allocation and airdrop that looks like this:
While it may look daunting at first (total supply of 10 billion), you have to remember that only ~12% of that will be circulating for years. Not to mention, that’s only if everyone who is eligible claims theirs.
So with only 1.275 billion tokens floating around to start as their circulating supply, Arbitrum comes in with about 4x as many circulating tokens than Optimism has. However, Arbitrum (now we get real subjective) is also MUCH more popular than Optimism and is a much bigger deal - so all that being said, I expect this airdrop to do pretty well, and can imagine it getting in the 1-2 dollar range right off the bat (hopefully). Full disclosure of course as usual, I am eligible for this airdrop, and none of this is financial advice! It’s just a window into my thought process.
My view on this is still the same, and my hopeful plan is to follow the typical airdrop pattern to try and secure some profits. That is to say, traditionally you get some kind of initial run up from the drop, and then it nukes as people insta-dump it and secure whatever profits they can. Then, there’s the actual pump, which is wayyy bigger than the initial one. An easy recent example of this would be $BLUR.
Who knows how high it will truly go, but to be honest, this is the most exciting airdrop in a long time. No matter what happens, this is huge news and will be littering your timeline for weeks to come.
If you’re in our RELaiTED community (well, even if you aren’t) but you weren’t fortunate enough to get an arb airdrop, we still want today to be pretty awesome for you as well! We’re giving away multiple NFTs in our today to people who didn’t qualify for Arbitrum, including editions from @killabearsnft, dope pixel artist @GuttyKreum, and more!
We have 3 NFTs to give away - two will go to people within our RELaiTED community, and one will go to someone who RTs today’s newsletter thread from Bitfloorsghost! If you want to be eligible, simply head over to my profile, find that tweet, RT it and you’re entered!
General Market News
Kanpai Panda’s PPDex is launching soon, and they just teased their token.
Speaking of Kanpai Pandas, Bagz joined Ledger to talk a bit about the project, and the team at Kanpai broke it down into really great digestible pieces.
That’s all for today - I hope you have a great day, and good luck with your arb drops!