The crypto sphere is no stranger to explosive growth, and the latest contender garnering attention in the market is the Arbitrum token (ARB). With the DeFi sector currently gaining momentum following Ethereum’s successful breakout above $2K, layer 2 scaling solutions are becoming increasingly essential. Experts and altcoin traders are closely monitoring the ARB token price chart in anticipation of a massive price recovery as the network lost 1 million ARB tokens previously.
ARB Whales Are Rising Amid Uncertain Situations
In a contentious turn of events on April 15, the Arbitrum Improvement Proposal (AIP-1.05) – a bold initiative aiming to reclaim 700 million ARB tokens for the DAO Treasury – encountered an avalanche of disapproval. The proposal sought to reverse the controversial move by Arbitrum’s Foundation, which unilaterally transferred a staggering $1 billion in governance tokens to its coffers without obtaining the green light from the DAO.
In a recent report from Dune Analytics, Arbitrum (ARB) reached a significant milestone on April 17, with the number of wallet addresses exceeding 5 million. Alongside this impressive figure, the ARB ecosystem now boasts over 4 million active accounts and has processed nearly 200 million transactions since its inception.
This rapid expansion can be attributed to a combination of factors, including Arbitrum’s robust development cycle and the buzz generated by its March 23 airdrop event. During the airdrop, a staggering 1.275 billion ARB tokens were distributed among 625,143 eligible addresses, further propelling interest in the platform.
During the week of April 10-17, on-chain data analyst Lookonchain revealed that 23 whale wallets held over $1 million worth of Arbitrum (ARB) tokens. According to data, three whale accounts offloaded more than 22 million ARB tokens, while nine others acquired over 12 million tokens collectively.
Is ARB Price On The Verge Of A Massive Rise?
ARB price witnessed a massive spike in buying pressure near the weekly resistance level of $1.7, resulting in a smooth upward movement above its 23.6% Fib level. The token is currently trading way above the EMA-20 trend line, hinting at bullish domination in the price chart.
The RSI trend line has significantly surged above its midline and is trading at the 65-level, signifying a buying zone for the ARB token. However, the RSI faced a slight rejection near the overbought region, initiating a downward correction for the ARB price to its daily low. Despite this, the SMA-14 remains stable, which may push the ARB token far above its triangle pattern.
As of writing, the ARB token trades at $1.77, gaining nearly 10% in the last 24 hours. If the ARB token continues its current bullish momentum and maintains its price above $1.9, there is a potential for a skyrocketing price trend to $2.5.
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Shayan Chowdhury
Shayan is a digital nomad and a professional journalist. He delivers high-quality engaging articles to Coinpedia through his in-depth research and analysis.
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Arbitrum (ARB) is the news on everyone’s lips as the token is primed for a spectacular surge! The question remains whether or not the ARB price comeback is just around the corner or if it’s a few weeks away.
The Ethereum scaling solution, Arbitrum is currently taking the blockchain space by storm with its scalability solution. It is developing a layer-2 Ethereum platform that provides scalability, interoperability, and even greater security. Arbitrum’s technology offers a hybrid on-chain and off-chain scaling solution for applications running on the Ethereum network.
This allows applications to benefit from different scalability methods without having to switch networks. It promises to bring major improvements to the Ethereum blockchain network. This will make it easier for developers to create and deploy applications that are more flexible, secure, and cost-effective.
The price of ARB has been rising steadily in recent months, increasing from roughly $3 in March 2021 to about $6.50 as of May 2021. The coin’s volume has also been on the rise in the past several weeks. With the ongoing support of the Ethereum blockchain, ARB appears to be moving up in price.
In the near future, analysts predict the token will experience a steep increase in prices due its advantages over other protocols. Moreover, it has gained the support of renowned names such as Pantera Capital and Coinbase.
It’s safe to say that the ARB token is gaining traction and its price may rebound sooner rather than later. If the project does continue to gain the attention and support it deserves, then there is no doubt that the ARB token’s price will reach an all-time high.
Whether or not the ARB price’s comeback is just around the corner, the token’s potential and its growing popularity in the market suggest it will definitely increase significantly in the near future. So, it is definitely worth considering adding ARB to one’s cryptocurrency portfolio.
