- 1 The average daily transaction volume of Arbitrum has reached 2 million.
- 2 The active address of Arbitrum has been most interactive with wallet-to-wallet activity while least in account abstraction.
- 3 ARB was 9% above its all-time low and may break below this threshold.
Recently, Frission, an ARB delegate, proposed that 50% of surplus sequencer fees should be allocated to ARB holders who participate in staking and delegating the token. The proposal aims to encourage ARB holders to participate more actively in the protocol governance.
Let’s have a look at Arbitrum’s on-chain analytics.
Wallet to Wallet Activity of ARB Surges While Other Declines
Arbitrum has a total supply of 10 billion tokens, of which 3.2 billion are circulating in the market. As per CoinMarketCap, the cruisers hold over 80.25% of the supply while holders have 7.25%. It has a total of 1.22 million holders, which has seen a slight surge in the past few weeks.
Source: Arbitrum active addresses By Artemis
Arbitrum has been observing a strong surge in the daily active addresses. The daily surge of active addresses has been near 150k over the last few weeks. Meanwhile, the average daily transaction volume of the protocol is nearly 2 million.
The active addresses of the protocol have been observing an increase in wallet-to-wallet activity in the last few weeks.
Source: ARB TVL By DefiLlama
Arbitrum TVL has been consolidating for the past few weeks. At press time, TVL was around $2.73 Billion after seeing a drop from $3 Billion. The average inflow to the protocol was hovering near the $17.2 Million mark in the past few weeks.
Will ARB Price Fall Below its All Time Low?
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At press time, Arbitrum had a market cap of $2.6 Billion and was ranked 33rd in the crypto-verse. The volume of the asset price recorded a 38% plus drop intraday. ARB was trading near $0.82, dropping 1.29% in the intraday session.
ARB token price is currently forming weak consolidating candles on the daily chart. It is trading below the 50 and 100 daily moving averages. ARB uptrend could stop near the $1 mark. Meanwhile, the asset price support can be seen at nearly $0.75.
The RSI of ARB is near 37, with a weak downside slope. The overall sentiment of the RSI is bearish.
Will ARB See a Comeback With ETH?
Arbitrum has been seeing a continuous downside trend while ETH has been consolidating over the past month. If ETH surges past the $4000 mark, ARB could show strong momentum shortly.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
