While Arbitrum hits $2.16 billion in TVL, ARB price may have found its bottom, what’s next?

Arbitrum’s volume of recorded value hit $2.16 billion, according to DefiLlama. Currently, 23% of the total value in Arbitrum, or about $500,000, is locked in GMX, the decentralized exchange that has caused a stir in the DeFi sector.


Source: Defillama

The TVL of Ethereum’s Layer-2 solution last reached such levels in November 2021, when the crypto market was nearing the end of its most recent bull run. Arbitrum now ranks fourth among all blockchains on this metric, after only Ethereum (ETH), Tron (TRX), and BNB Chain.

However, the Arbitrum token, ARB, whose stunning airdrop occurred this week, appears to have reached its bottom. Given that the coin has been published on exchanges for less than a week, the values are local. The absolute low struck at the start of trade is $1.11 per ARB. However, the ARB price did not fall below the upper low of $1.17 as the week progressed.

As of now, 989.8 million tokens, or 85.2%, of the 1.275 billion ARB distributed via airdrop have been claimed by participants, according to Blockworks. So far, the fact that the price prints higher lows when supply on the side of free token receivers runs out speaks in favor of greater optimism.

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