Metrics Indicate Arbitrum’s Latest Record May Have Positive Impact on ARB Price

  • Arbitrum is breaking records with over 900,000 active addresses daily
  • Market trends show a decline in ARB’s performance

Exciting news on the horizon for Arbitrum as it showcases its dominance in the Layer 2 ecosystem. The network has set new records for daily active addresses, maintaining levels above expectations. However, despite these achievements, the price and volume of its native token remain relatively stable.  

Record-Breaking Active Addresses

Recent analysis by Growthepie revealed that Arbitrum reached a milestone with over 972,000 active addresses on 15 May, setting unprecedented records in the Layer 2 network space. Notably, it has consistently maintained over 900,000 active addresses for the past week. 

Currently, the network boasts over 786,000 active addresses in the last 24 hours, significantly outperforming its competitors. Base, the closest L2 contender, reported around 299,000 active addresses, showcasing Arbitrum’s strong position in the market.

Furthermore, an examination of the transaction count revealed that Arbitrum leads other L2 networks with approximately 2.1 million transactions, highlighting its efficiency and popularity.

Stable Volume for Arbitrum

While Arbitrum’s active addresses and transaction count continue to soar, its trading volume has remained relatively stable. Data from DefiLlama shows consistent L2 volume over the past week. The network recorded its highest volume within the last 24 hours, amounting to $483 million. 

Arbitrum volume

Source: DefiLlama

Additionally, Arbitrum’s Total Value Locked (TVL) experienced a slight increase of over 1% within the past 24 hours.

As per L2 Beats data, Arbitrum’s TVL exceeded $16 billion, showcasing growth of 1.2%.

ARB Token’s Bearish Trend

Despite the positive indicators in active addresses and TVL, ARB token’s performance has been bearish. Analysis of ARB on the daily chart indicates a downward trend since March. 

Arbitrum price trendArbitrum price trend

Source: TradingView

– Realistic or not, here’s ARB’s market cap in BTC’s terms

Since the commencement of the downward trend, ARB has experienced a decline of approximately 55%, indicating a challenging period for the token. 

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