- According to the weekly Arbitrum report, the network recently surpassed the milestone of 300 million transactions. This achievement confirms the strong usage and growth experienced by the network.
- Despite a slight price rally, ARB experienced significant outflows according to the Money Flow Index (MFI) data. A closer look at the outflows revealed that whales have been selling off significant amounts of their holdings.
- The selling pressure from whales may have hindered the potential rise of ARB this week. It’s worth noting that the cryptocurrency experienced some upward momentum, especially on Wednesday, July 12th.
According to the latest weekly report by Arbitrum, significant growth has been recorded in the network, but large outflows have been observed in the ARB token; However, hope is not lost for the ARB.
Significant Growth in Arbitrum Network
Arbitrum has reported significant growth in its network according to the latest weekly report. Among the highlights was a significant network milestone indicating rapid growth. According to the weekly Arbitrum report, the network recently surpassed the milestone of 300 million transactions. This achievement confirms the strong usage and growth experienced by the network, which is not a bad situation for a network that became active during a bear market.
In addition to the milestone, Arbitrum confirmed that it will hold Security Council elections on September 15th. According to the official announcement, the elections will cover various sensitive topics, including critical risks faced by Arbitrum.
While the transaction milestone represents a step in the right direction, some growth metrics did not perform well. For example, Arbitrum’s network growth metric remained at low levels over the past six months.
On the other hand, there was an increase in the average token age metric for Arbitrum’s native token, ARB. This indicated that most token holders were hodling rather than selling. This occurred despite the bear market movement for ARB.
ARB reached a new all-time low of $4.20 in June this year. This same all-time low represented a 70% decrease compared to the highest price level in the last six months.
Is ARB losing whale interest?
Despite a slight price rally, ARB experienced significant outflows according to the Money Flow Index (MFI) data. A closer look at the outflows revealed that whales have been selling off significant amounts of their holdings. This was reflected in a significant decrease in supply distribution between July 5th and 6th. The same supply distribution metric did not indicate signs of accumulation.
The selling pressure from whales may have hindered the potential rise of ARB this week. It’s worth noting that the cryptocurrency experienced some upward momentum, especially on Wednesday, July 12th. However, as of the time of writing, most of Wednesday’s gains had been given up, although not all of them.
Will we see a resurgence in whale demand? It’s uncertain for now, but not entirely impossible. The recent transaction milestone confirms the state of network demand and may strengthen the market sensitivity of ARB.
