- The number of ARB token holders has increased.
- Activity on the Arbitrum protocol continues to rise, leading Ethereum to rival.
The journey of the ARB token has had its share of ups and downs. After the launch of the ARB on the Arbitrum protocol, interest in both the token and the network skyrocketed. However, as time passed, interest in ARB began to decline along with the price.
Realistic or not, here is ARB’s market cap in BTC terms
Reduced rates
Although the price of ARB has begun to fall, there appears to be a resurgence of investor interest. Data from Token Terminal showed that the number of ARB holders is up 5.3% in the past seven days.
People buy $ARB Dive.
The number of TokenHolders has increased by +5.3% in the last 7 days. pic.twitter.com/KKmZYzK4lb
— hkm.eth (@hmalviya9) May 13, 2023
The spike in token holders points to a bullish future for the ARB token.
Moreover, despite the fact that the number of token holders increased, the overall network growth continued to decline.
Well, the network growth indicator is used to determine if new addresses are interested in the ARB token by measuring their activity.
Declining network growth suggests the number of token holders has increased as old addresses trusting ARB piled up the token at a discount.
In terms of speed, the ARB took a hit. This meant that the frequency with which ARB was traded between addresses began to decrease.
Source: Sentiment
The journey so far
At the time of writing, Arbitrum was trading at $1,171. The price fell 21.88% after hitting the $1,507 resistance level on April 26. Lately, ARB has been trading between $1.22 and $1.055.
In particular, the price started gaining bullish momentum over the past 24 hours, which was supported by the surge in token holders.
ARB’s Relative Strength Index (RSI) trended upward in tandem with price, eventually reaching 54.82. With an RSI of 54.82, ARB’s price may still have some room to rise before hitting the overbought zone, which typically starts at an RSI level of 70.
Is your wallet green? Check out the Arbitrum Profit Calculator
Despite the price increase, the Chaikin Money Flow (CMF) showed a bearish divergence by dropping to -0.14.
Source: Trade View
ARB’s price increase was accompanied by a significant increase in activity on the Arbitrum protocol, with data from Delphi Digital indicating that daily activity on Arbitrum was similar to Ethereum in recent days.
.@arbitrum currently competes with Ethereum in daily trades while significantly outperforming Optimism. pic.twitter.com/BOmNYKNunT
— Delphi Digital (@Delphi_Digital) May 13, 2023