• The Arbitrum network witnessed a massive liquidity surge, setting a new daily record.
• ARB struggled to surpass the $1 price range despite the high activity and liquidity flow metrics.
• DefiLlama data showed that the network experienced its highest daily outflow, with over 113 million USDCs processed and 57 million USDC in deposits.
Record Liquidity Surge
The Arbitrum network has been buzzing with exceptional levels of activity, as indicated by various metrics. According to DefiLlama’s recent data, the network recently experienced a monumental surge in liquidity outflow, marking its highest daily outflow ever.
Volume and TVL Ahead of Major Chains
Besides its remarkable liquidity flow, Arbitrum demonstrated a robust level of activity based on the overall volume metric provided by DefiLlama. As of this writing, Arbitrum had secured the third-highest volume in the past 24 hours with over $283 million; over the last seven days it reached an impressive $1.72 billion. Furthermore, the cumulative volume accumulated by the chain surpassed $90 billion. Notably, the network’s liquidity and volume significantly determined its Total Value Locked (TVL), which stood at over $1.4 billion at press time.
Price Push Amidst Rising Metrics
Despite these metrics indicating high levels of activity on Arbitrum’s network, ARB struggled to surpass the $1 price range due to bearish trends and diminished volume momentum. This indicates that although there is increasing user participation on Arbitrum’s platform, factors such as market sentiment could be inhibiting any potential price appreciation for ARB tokens amongst traders and investors alike.
Arbitrum Price Prediction 2023-24
As for future predictions for ARB tokens, analysts expect that should these volumes continue to increase while bearish pressure subsides from themarketplace then there is potential for prices to rise higher than their current mark around $0.96677 USD per token according to CoinGecko data at press time.
In conclusion, despite Arbitrum witnessing significant surges in both liquidity outflows and overall transaction volumes ,ARBs failed to break through their resistance point of$1 due mainly attributed bearish sentiment within markets coupled with diminishingvolume momentum .