Arbitrum (ARB) Price Hits Rock Bottom: Should You Buy Now?

Key Points:

• Arbitrum’s TVL hits $2.17B, 4th among all blockchains, behind Ethereum, Tron, and Binance’s BSC.
• ARB token hits an absolute low of $1.11, but a higher low of $1.17 suggests a potential upward trend.
• 85.2% of ARB airdrop tokens were claimed by participants, indicating strong interest and demand.

According to DefiLlama, the value of recorded volume in Arbitrum has reached $2.17 billion, with 23% of the total value locked in GMX, a decentralized exchange that has created a buzz in the DeFi world.

This indicates the growing interest in decentralized finance (DeFi) applications, which are gaining increasing popularity as they offer a more transparent, secure, and decentralized alternative to traditional finance.

Arbitrum now ranks fourth among all blockchains in terms of total value locked (TVL), behind only Ethereum, Tron, and BSC from Binance. This is the first time that Ethereum’s Layer-2 solution has reached such numbers since November 2021, when the crypto market was in the sunset of its latest bull run. This is a significant milestone for Arbitrum and the DeFi ecosystem as a whole, as it demonstrates the growing adoption of DeFi applications and the potential for further growth in the future.

Meanwhile, the value of the Arbitrum token, ARB, which had a sensational airdrop this week, appears to have hit its bottom, which is a positive sign for investors. Although it is still early days, as the token has only been listed on exchanges for less than a week, and the values are local, the absolute low remains at $1.11 per ARB, which was set at the start of trading. Nevertheless, as the week progressed, the ARB price did not fall below the higher low of $1.17, which indicates a potential upward trend in the near future.

According to Blockworks, of the 1.275 billion ARB given out by the airdrop, 989.8 million tokens, or 85.2%, have been claimed by participants, indicating strong interest and demand for the token. So far, the price of ARB has printed higher lows when supply dries up on the part of free token recipients, which bodes well for further positivity and potential growth in the future.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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