Arbitrum token soaring since last 24 hours rapidly because of the latest adoption & development efforts like USDC & Defi trade activities.
Arbitrum token is a popular Ethereum Layer-2 scaling network. The blockchain environment of this network allows developers to create smart contracts by using code to specify the behaviour of a virtual machine (VM) that implements the contract’s functionality.
On 2 June 2023, The trade price of the Arbitrum token (ARB) saw a significant increment because of the surge in the whale’s accumulation activity.
On-chain data showed that whales are continuously accumulating ARB tokens, which further attracted other retail traders.
The current trade price of this token is 5.41% high than the last 24 hours’ trade price.
Thanks to the Defi protocols, which allow people to show the on-chain trade activity of any token in the crypto sector. Whales also showed their significant involvement in the Arbitrum token liquidity pools, to earn yield.
Recently the Circle, the firm behind the second biggest stablecoin USDC, announced that it will launch its USDC on the Arbitrum network natively.
With these new development efforts, Circle aims to provide a better level of stablecoin use experience for the crypto traders in the crypto sector, over other stablecoins.
Over the last few months, Crypto investors shifted their inclination toward USDT (Tether) stablecoin and tried to avoid USDC because of the crypto regulatory pressure in the US
Read also: Now Alibaba’s global retailer accepts meme token Floki
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