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Over the weekend, there were some negative reports about Arbitrum, a layer 2 cryptocurrency that airdropped over 1 billion ARBK coins to its community in March. For using tokens without the consent of their owners, the Arbitrum Foundation came under criticism, which led to FUD (Fear, Uncertainty, and Doubt) for the commodity. ARB, on the other hand, resisted staying low throughout all of this, and as a consequence, its trading activity has significantly increased.
The selling rate of Arbitrum has significantly increased over the past 24 hours. According to data from Coinmarketcap, the token’s value increased by more than 75% in a single day, reaching a total of more than $1.17 billion.
Despite extensive rumors to the contrary, the Arbitrum Foundation has confessed to selling about 50 million coins and is now unloading its own tokens. Like any other piece of news, it increased interest in the currency, and since then, its circulation has increased.
Naturally, the news about the Arbitrum Foundation had a detrimental impact on the price of the ARB coin. But it hasn’t been as terrible as we had anticipated. The token’s price originally lost ground above $1.3 and fell to around $1.1 at that point. At this stage, it would not take long, though.
Since then, the price of ARB has risen above $1.2, confounding all of the FUD that was predicted to drive the token’s price below $1. This rebound in the midst of the FUD demonstrates that the bulls are still in charge of the commodity and that a price below $1 would be a hard-won win for the bears.
As predictions continue to be generally positive, the ARB community is still favorable toward the token. By the end of the month, users anticipate the currency to rise another 10% from its present price and surpass $1.3 once more, according to Coinmarketcap’s Price Estimates feature. If this occurs, ARB will undoubtedly start another upward surge and be close to $1.5.
ARB is currently trading at $1.99, a decrease of 4.78% over the previous 24 hours.
