Arbitrum Price Prediction as $1.6 Billion Trading Volume Comes In – Are Whales Buying?

cryptonews.com:

Arbitrum, a token that was recently airdropped remains one of the best-performing cryptos in the industry, possibly next to Bitcoin (BTC) and Ethereum (ETH) which have been on an aggressive bullish push since the banking crisis started in the US.

ARB, the token powering the now popular Ethereum blockchain layer-2 scaling solution, Arbitrum is easily the day traders’ darling. CoinMarketCap reveals an 84% increase in the 24-hour trading volume to $1.6 Billion.

Arbitrum price is trading at $1.33, growing by 10% in the same 24-hour period. ARB has also been one of the most volatile cryptos in the market following its launch on March 23 when it rallied almost reaching $10.00 before dumping to $1.1. If interest in ARB continues, we could see another spike to $10.00.

Arbitrum is a layer-2 scaling solution designed for the Ethereum blockchain. It seeks to improve the scalability of the second-largest cryptocurrency network in the world subsequently reducing gas fees.

The scaling protocol utilizes an optimistic roll-up system to process transactions off-chain, which are later committed to the primary blockchain—Ethereum. This method avoids the congested Ethereum network, reducing the load to allow users to send transactions much faster and at lower fees.

The ARB airdrop, as expected culminated in a sell-the-news narrative, with token holders cashing out in large numbers. However, the token’s fundamentals have not faltered amid an influx of funds from institutions and other large-volume buyers – smart money.

Following the announcement of the airdrop on March 16, tokens within the Arbitrum ecosystem exploded including Magic (MAGIC), GMX (GMX) Radiant Network (RDNT), and Gains Network (GNS).

Experts believe the pump experienced by these