• Arbitrum is a layer-2 scaling solution designed for the Ethereum blockchain that seeks to reduce gas fees and improve scalability.
• CoinMarketCap reveals an 84% increase in the 24-hour trading volume to $1.6 Billion, with Arbitrum price trading at $1.33 and growing 10% in the same period.
• Smart money is accumulating ARB tokens following its airdrop, suggesting there could be another spike to $10.00 if interest continues.
What Is Arbitrum?
Arbitrum is a layer-2 scaling solution designed for the Ethereum blockchain, which seeks to reduce gas fees and improve scalability of the second largest cryptocurrency network in the world consequently allowing users to send transactions faster and at lower fees.
Arbitrum Price Prediction
CoinMarketCap reveals an 84% increase in the 24-hour trading volume to $1.6 Billion, with Arbitrum price trading at $1.33 and growing 10% in the same period. Experts believe that if interest in ARB continues, we could see another spike to $10.00 as it had previously almost reached this value before dumping back down again shortly after launch on March 23rd when it rallied from its initial value of around $1.1 .
Smart Money Accumulating ARB
The ARB airdrop sparked interest from institutions and other high-volume buyers – smart money – for tokens within its ecosystem including Magic (MAGIC), GMX (GMX) Radiant Network (RDNT), and Gains Network (GNS). It is believed that these tokens experienced such a growth due to a catalyst effect by the ARB airdrop itself.
Arbitrum Ecosystem Basket
An Ape’s Prologue explained further that prices of ecosystem tokens began to decline following the announcement of the airdrop on March 16th, suggesting a classic ‘sell-the-news’ event was occurring among token holders who wanted to cash out quickly after receiving their free coins..
Can Arbitrum Price Reach $10?
As it stands now, Arbitrum is emerging as one of the best performing cryptos in industry next only to Bitcoin (BTC) & Ethereum (ETH) during this banking crisis period in US markets, proving itself as an effective protocol offering layer-2 solutions for Ethereum blockchain users globally; hence why experts suggest there may be yet another spike up towards reaching its previous peak of near abouts $10 should smart money continue investing into it as they have been doing since its launch date back on 23rd March 2021