Arbitrum (ARB) Continues Rally Despite Circulating FUD, Here’s Why

Samuel Edyme

2 years ago

2 mins read

Chainlink Performance Crucial For Altcoin Market

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

After suffering from a weekend filled with uncertainty, Arbitrum (ARB) now appears to be in for a rebound despite rumors about its whale and supply still circulating. Over the past 24 hours, Arbitrum native token ARB has surged by nearly 10%.

Meanwhile, ARB has seen some large sales recorded on-chain, indicating that some investors are still frightened and panic selling their ARB tokens.

ARB Continues Rally, Why?

So far, ARB’s latest price action has happened to be a bullish move attributed to just three factors. Arkham Intelligence, a crypto analyst-focused platform, recently revealed data indicating that ARB whale activity in the past 7 days is now balanced.

According to the platform’s analysts, roughly 18 million ARB has been withdrawn from the exchange, slightly higher than the 12 million ARB deposited to exchanges over the weekend. Notably, withdrawing an asset from an exchange indicates a buy, as exchanges are where whales go to purchase large amounts of tokens.

In contrast, a large amount of deposit of an asset on an exchange may also indicate an upcoming selling pressure, as this is where most large investors go to sell off their holdings.

Another factor attributed to ARB’s latest price action is the increase in stablecoin inflow to the Arbitrum ecosystem since the airdrop announcement. This can also indicate a strong buying power that benefits ARB’s value, as many investors may be accumulating the token.

In addition, despite the uncertainty in the Arbitrum market, the community has remained optimistic based on the history of other airdropped tokens. Following the launch of APT and OP, both tokens experienced a drastic fall after initially surging at the launch date. However, eventually APT and OP enjoyed a rally which has now put both tokens up by over 200% and 400% from their all-time low, respectively.

Arbitrum Surges Nearly 10% In The Last 24 Hours

After surviving a bearish trend over the weekend, ARB is in the green by 8.3% in the last 24 hours. The asset’s price has moved from trading as low as $1.10 during the weekend to trading above $1.20 at the time of writing, following its bullish trend from the beginning of the day.

Arbitrum (ARB) price chart on TradingView — Arbitrum (ARB) price chart on the 1-hour chart. | Source: ARB/USDT on TradingView.com

ARB’s market cap has surged, aiding the token’s climb to rank number 39 in market capitalization among other cryptocurrencies in the global crypto market. In the past 3 days, nearly $5 billion has been added to the assets market capitalization as its market cap currently sits at $1.5 billion, up by more than 10% in the last 3 days.

Featured image from Unsplash, Chart from TradingView

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.