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Arbitrum (ARB) Jumps 14%, Here's Likely Reason

Thu, 04/13/2023 - 16:05
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Tomiwabold Olajide
Arbitrum token ARB remains up in past seven days
Arbitrum (ARB) Jumps 14%, Here's Likely Reason
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Arbitrum (ARB) suddenly jumped higher on April 13, printing a giant green candlestick as its price rose from lows of $1.17 to reach intraday highs of $1.35.

Binance, a crypto exchange, announced it will open trading for the ARB/RUB trading pairs at 8:00 a.m. UTC on April 14. Users will be able to trade the ARB/RUB pair after launch, thus increasing its exposure.

ARB is the native governance token of Arbitrum, an Ethereum scaling system, and the fourth largest DeFi blockchain, with $2.26 billion in total locked value (TVL), per DefiLlama.

At the time of writing, ARB was up 11.82% in the last 24 hours at $1.33. The token is up 10.96% in the past seven days.

More on Arbitrum

The debut of DAO governance for the Arbitrum One and Arbitrum Nova networks was announced by the Arbitrum Foundation in March. It also unveiled the airdrop for its native governance token, ARB.

On March 23, 12.75% of the ARB community allocation was given out through an airdrop. The Arbitrum Foundation made its resolve known by submitting two new proposals that would limit its power and expand community members' power after a community-wide uproar over its decision to quietly transfer 750 million ARB tokens to one of its wallets.

The Arbitrum Foundation stated in an April 5 tweet that it "will not move" the 700,000,000 ARB tokens that are still in its "Administrative Budget Wallet" until the community has given its consent to "an acceptable budget" for the amount.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.