- 1 The number of Arbitrum unique addresses has been observing exponential growth and has seen a rise of 163k in a day
- 2 ARB is currently trading near the value of $0.94 with a slight gain in the intraday session
Arbitrum is an Ethereum layer 2 scaling solution that uses optimistic rollups to achieve its goals. The protocol benefits from the security of Ethereum while providing higher throughput and lower fees than Ethereum. It also supports unmodified EVM contracts, meaning that any dApp of Ethereum can run on Arbitrum without any code change. Meanwhile, it also allows developers to write a program in popular programming languages like RUST or C++.
Source: Arbitrum.io
Arbitrum’s market-leading roll-up technology uses fraud proofs to reduce transaction fees, making scalability possible. The orbit chains of the protocols are fully permissionless with dedicated throughput and increased gas fee reliability. Meanwhile, its Any Trust chain settles on Ethereum, making secure Web 3 gaming possible. Let’s have a look at the protocol’s on-chain analytics.
Arbitrum TVL Consolidates While The Unique Address Surge
ARB is the official token of the Arbitrum protocol and has a supply of 10,000,000,000 ARB, of which 28.9% is circulating. It has a total of 1,206,093 holders, which has slightly increased in the last few days. The ARB investors currently own 26.39% of the supply, while the team and its advisors have over 40.5% of the supply. The Arbitrum Foundation and its vesting wallets have over 36% of the supply.
Source: Unique address by Arbiscan.io
Arbitrum has been observing a strong surge in the overall unique address. It has seen an increase of over 163k in the last 24 hours. The daily transactions on the platform have also been gaining momentum and have surged approximately 8% in the previous 24 hours.
Arbitrum has a total TVL of over $3.01 Billion, which is down from the high of $3.19 Billion. As per Defillama, the core developers of the protocol are around 40, which is more than that of its competitors. Let’s have a look towards the price action scenario of the protocol.
Will ARB Price Hit Its All-Time Low of $0.74 or Go Beyond $2.5?
Arbitrum has a market cap of $2.7 Billion and is ranked 40th in the crypto verse. ARB token price has observed a decline of 21% in volume while its VM ratio is near 0.1. ARB token price is currently trading near the value of $0.944, with a drop of over 5% in the past year.
ARB price is currently forming strong bearish candles on the daily chart. It is trading below the 50 and 100 EMA. The upside trend of the asset price can halt near $1. Meanwhile, the support of the ARB can be observed near $0.85.
The RSI of ARB is currently near 36 with a negative slope. The overall sentiment of the indicator is bearish.
Conclusion
Arbitrum has been observing a surge in the TVL along with its core developers. The overall transactions of the protocol and the unique address have also been growing. ARB price is currently in consolidated mode but can see a new high in the future.
Disclaimer
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