Despite the market turmoil of the past few weeks, Arbitrum (ARB) has managed to gain serious recognition in the altcoin sector. In fact, last week the ARB token skyrocketed with an impressive 53% increase in just six days. However, at the same time, the token’s price currently stands at 94.18% lower than it was 30 days ago.

On April 12, the ARB token was being traded at around $1.167 but went on to reach $1.795 on April 18. During that week, a total of nine whale wallets cumulatively bought 12.4 million ARB tokens priced between $1.2 and $1.5. Meanwhile, three whales sold a total of 22.8 million ARB valued between $1.37 and $1.69. This could suggest more investors are entering the ARB market as whale accounts continued to hold over 1 million ARB tokens even at the time of writing.

The sudden growth in ARB could be attributed to Bitcoin (BTC) which had dropped below the $30,000 mark, dragging many altcoins down with it. This led to investors turning to alternative coins like ARB, resulting in increased demand and growth in its price. Indeed, due to its limited supply, ARB could be a safe haven for crypto investors seeking higher returns during a downtrending market.

Although the gains were remarkable in a relatively short period of time, it is important to keep in mind that the token is yet to reach its peak prior to April 12 and may still need some considerable effort and marketing strategies to reach its pre-April 12 value. Investing in ARB is not without risks and investors must do their own research before trading.



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