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ArbInu token (ARBINU) has gained 80% in the last 24 hours, showing a more than 150% increase in quotations at its peak. The reason for ARBINU's staggering price action was the announcement yesterday of the long-awaited airdrop of ARB, the native token of Ethereum's leading Layer 2 solution, Arbitrum.

ARBINU to USD by CoinMarketCap

As a reminder, the Arbitrum token, ARB, will be airdropped on March 23 as it was announced yesterday. With a total circulating volume of 10 billion, 11.5% will be distributed to early users of the network. Right now, Arbitrum is the fourth largest blockchain by total value locked among all and second behind Ethereum by volume in the last 24 hours, according to DefiLlama.

What is ArbInu (ARBINU)?

Developers are calling ArbInu the first meme coin of Arbitrum, obviously inspired by the success stories of Dogecoin (DOGE) and Shiba Inu (SHIB). According to Arbiscan, the token has a total supply of 1 billion ArbInu, which brings its capitalization to $5.48 million at the moment. The number of token wallets is small, but there is one that stands out from the crowd, as it holds 26% of the total supply.

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At the same time as the triple-digit percentage increase in the token's price, its trading volume also increased, by 500%, according to Nomics. Interestingly, 78.8% of all ArbInu trades are on centralized platforms, which is atypical for such young projects. This was made possible by the fact that the token has already been listed on two high volume exchanges, BitGet and XT.