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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Arbitrum Price Sinks To A New All-Time Low – What Is Behind This Decline?

Opeyemi Sule
Opeyemi Sule
1 year ago
3 mins read
Arbitrum

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Arbitrum has managed to maintain its place amongst the top names in decentralized finance (DeFi) despite the unfavorable conditions gripping the space in 2023. However, the price of ARB (the network’s native token), met with a euphoric welcome in March, has been struggling.

The Arbitrum token’s price tumbled to a new historical low of $0.747217 on Monday, the 11th of September, with its honeymoon phase seemingly over. The token’s value dipped by more than 12% in the past week, leaving investors wondering what could be behind this bearish movement.

Whales Part With Millions Of ARB Token In Selling Spree

ARB’s latest price downturn has been associated with the increased market activity of Arbitrum whales in the past few days. On Monday, crypto journalist Colin Wu reported that three whales transferred 10.23 million ARB (worth about $8 million) to Binance.

The first whale reportedly sold 3.8 million ARB at $0.77 per token, while the second whale – with the pseudonym vladilena2.eth – sold 3.63 million ARB at $0.83 per token. Meanwhile, the third whale moved 2.8 million ARB for $0.79 per token.

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This seeming loss of interest from whales may have precipitated the downward pressure that pushed Arbitrum to a new all-time low. Unfortunately, there appears to be no end, as whales have continued to dump their ARB tokens in the last few hours.

According to a Lookonchain report, seven whales have dumped 20.41 million ARB tokens (valued at about $16.05 million) in the last 30 hours. The blockchain analytics platform revealed that these whales generated a total loss of $8.15 million.

It is worth noting that general market sentiment may have also contributed to ARB’s price performance. As of this writing, the Arbitrum native token is valued at $0.781039, according to CoinGecko data. 

Other Possible Reasons For Arbitrum Price Decline

Another plausible reason for ARB’s recent price downturn is the dwindling activity on the Arbitrum network. While the chain continues to hold its own as a prominent L2 network, it has been experiencing a steady decline in total value locked (TVL).

According to DefiLlama data, Arbitrum has a total value of $1.65 billion in assets locked on its network, reflecting a more than 35% decline in the past four months. This current figure also represents the network’s lowest TVL since March.

The sustained decrease in total value locked suggests a loss of investor confidence, which could discourage participants from onboarding the network. 

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Recent governance proposals are another factor that may have contributed to the latest fall in Arbitrum price. Notably, PlutusDAO introduced a proposal on September 9 seeking to return tokens from the DAO treasury to ARB holders.

If approved, the governance proposal would involve activating a staking mechanism and the creation of native yield for participants, which could see the annual release of up to 2% of the total token supply. Some investors view this proposal as inflationary, as it would likely exert downward pressure on the price of Arbitrum. 

Ultimately, ARB’s latest market performance appears to result from a combination of loss of investor interest, dwindling network activity, and unsatisfactory governance mechanisms. 

Arbitrum

ARB Price continues a downward trend on daily timeframe | Source: ARBUSDTS chart on TradingView
Featured image from SoFi, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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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.

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