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Arbitrum (ARB) up 9% as Weekly Rally Picks up Momentum: Details

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Tue, 18/04/2023 - 10:08
Arbitrum (ARB) up 9% as Weekly Rally Picks up Momentum: Details
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Arbitrum (ARB) is seeing a steady twist to its growth amid growing hype in its community following the airdrop that ushered in the protocol as a highly functional Layer 2 network. At the time of writing, Arbitrum's total registered wallet addresses have surpassed five million, and the ARB token is trading at $1.7588, up by more than 9% in the past 24 hours.

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Arbitrum is sustaining its current weekly rally in an attempt to print one of the best weekly closes in April. Over the trailing seven-day time span, ARB has jumped by 42.47%, a showcase of its massive embrace from core users of Ethereum Layer 2 protocols.

Arbitrum has been doing all it can to maintain its outlook as a leading scaling protocol on Ethereum, and one of its latest updates is the integration of API3DAO on Arbitrum. The API3 offering is designed to make Arbitrum more usable as the platform's market will allow developers to browse, access and manage functional data feeds to make thoughtful decentralized applications.

Arbitrum's show of interest in optimizing the user experience has consistently kept it at the top of the most versatile scaling tools around today.

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Arbitrum and proximity to new ATH

Just like any regular token, Arbitrum entered into the digital currency ecosystem with so much hype that its price was pushed to a massive all-time high (ATH) of $11.80.

Despite its current positive price outlook, the cryptocurrency is down by more than 85% from this ATH; however, the protocol can rely on its sheer advantage of being the biggest beneficiary of the Shapella upgrade to solidify its foundation for another bullish run moving forward.

Arbitrum entered the limelight after the worst of the crypto winter was over and, as such, it can decouple from the general market owing to its inherent positive fundamentals to chart growth that can return it to its ATH and beyond.

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