Arbitrum (ARB), a recently launched Ethereum layer-two (L2) scaling solution that uses optimistic rollups, has recorded significant growth in the past few weeks. The $ARB price gained over 22 percent in the past 24 hours to trade around $1.52 on Friday, according to the latest market data.
Volatility In The Arbitrum Market
The Arbitrum market is slated for more volatility during the weekend as the daily traded volume surpassed its market capitalization. Notably, Arbitrum’s 24-hour traded volume stood at approximately $2,082,667,584 during the early London market, up about 411 per cent today. On the other hand, Arbitrum’s total market capitalization stands at around $1.94 billion.
What’s Driving The $ARB Price Rally?
The Arbitrum (ARB) price rally comes after the Ethereum Shanghai upgrade, which triggered the ETH bulls. Notably, the Arbitrum market has recorded a significant influx of whale traders since last month’s hyped airdrop.
According to the on-chain analysis platform Lookonchain, several whale transactions have been identified in the past 24 hours.
ARB Market Fundamentals
Meanwhile, popular Twitter crypto influencer @CL207 is convinced the Arbitrum market is significantly bolstered by fundamentals. The crypto influencer noted that Arbitrum’s governance has greatly improved recently.
Arbitrum Token Holders Reject Proposal
Dubbed AIP-1.05, the Arbitrum community has almost unanimously voted against a proposal to return 700 million $ARB worth about $1 billion to the DAO treasury. The voting began on April 8 and is slated to complete on April 15.
So far, about 113 million, which accounts for 83 per cent of cast votes, are against the proposal. Only 20 million ARB token holders, accounting for 15 per cent of cast votes, are for the proposal to proceed. The proposal has been viewed as a huge step towards Arbitrum’s decentralization and the restoration of the governance process.
Are you an ARB token holder? Stay tuned for more updates on the latest crypto market trends.
