Arbitrum is a layer 2 platform on Ethereum platform which uses optimistic rollups to achieve its goals of speed, scalability, and cost-effectiveness. It has a higher throughput and lower fees compared to Ethereum. The platform uses optimistic rollups to stand out from the other scaling solutions of Ethereum.
Arbitrum platform has been displaying strong network activity and has shown a sharp rise in onchain transactions.
Arbitrum TVL Jumps $3 Billion Leaving Many Behind
Arbitrum has an average transaction fee of $0.013 and has a total of 224,610 active wallets. It has a total of 726,319 Aribtrum Bridgers with a 1957 bridges in the last seven days. The number of daily bridgers has been seeing a steady increase and is currently near 300 which is higher as compared to others. However, the overall value bridged has observed a decline and is near 2191 ETH from the highs of 10000.
Source; Daily Bridgers of Arbitrum By Dune
ARB token price holders has been gaining consistently. The diamond holders of the ARB has a share of 39.61% in the overall supply. In the last few weeks the token price has been seeing a strong outflow. ARB is consolidating despite the rise in inflow.
Source: Defillama
Arbitrum has shown a strong surge in TVL as it headed for the $3.07 Billion mark. The number of core developers on the Arbitrum has been increasing along with the commits. The average number of developers on the platform is 43 which is higher than the other L2 Platforms. Lets have a look towards the price action scenario of the ARB
ARB Dropped By 7% In Last One Year, Will A Bullish Trend Come Soon?
Arbitrum has a market cap of $3.23 Billion and is ranked 32nd in the cryptoverse. The volume of the ARB has seen a drop of 10% in the intraday session. The VM ratio of the ARB is 0.1 suggesting a consolidation in price. At press time, the token was trading near $1.15 with a slight gain intraday.
The asset price is forming a consolidating range of candles on the daily chart. It is trading below the 50 and 100 EMA. The upside momentum of price can see a halt near $1.35. Meanwhile the support price for ARB can be seen near $1. RSI of the token is near 51 with no slope in it. The overall sentiment of the RSI is neutral in nature.
Conclusion
Arbitrum is showing steady growth in network activity and daily active wallets. The TVL of the protocol has also surged to a new high. ARB token price is currently in a consolidating zone but can see a new high in the future.
