ARB Soars 25% In 24 Hours As Arbitrum Preps For Major Projects In 2024

In the tumultuous world of cryptocurrency, few names have resonated as powerfully in 2023 as Arbitrum (ARB). The crypto juggernaut has rapidly ascended the ranks, outpacing industry stalwarts and marking its territory in the competitive landscape.

Timeline of Arbitrum

Arbitrum (ARB), a prominent Ethereum scaling solution, encountered a significant downtime event on December 15, according to the network's status page. The incident prompted an immediate investigation into the root cause and the deployment of a fix.

In a recent development that has stirred the decentralized finance (DeFi) community, Silo Labs, the development team behind the decentralized lending protocol Silo Finance, reported an unexpected incident involving the Chainlink wstETH/ETH price feed on the Arbitrum network.

Decentralized finance (DeFi) platform KyberSwap has been hacked to the tune of tens of millions of dollars worth of virtual currencies, causing its native asset to dip. Data from blockchain tracker Lookonchain reveals that $46.5 million worth of digital assets were stolen from KyberSwap, including $20.78 million worth of Wrapped Ethereum (wETH), $9.

The Arbitrum project has made waves in the crypto market lately, with the project emerging as the layer2 protocol with the most liquidity. ARB gained more than 25% within the past week and 10.12% in the last day to hover at $0.9748. Furthermore, the project shared a crucial announcement with its community on October 25.

The Arbitrum Foundation, responsible for developing the Arbitrum blockchain, announced the transfer of 69 million unclaimed ARB tokens to the network's treasury. This move came after the claim period for these tokens ended over the weekend.

Chainlink, the industry-standard Web3 services platform, and Arbitrum, the most widely used layer 2 scaling solution suite for Ethereum dApp development, have announced today the mainnet launch of the Chainlink Cross-Chain Interoperability Protocol (CCIP) on Arbitrum One.

Arbitrum (ARB) price performed dismally this month, dropping 14% from $0.95 to $0.82, but the recent Post.Tech launch could potentially buck the trend. On-chain analysis explores how investor interest in the SocialFi trend could propel Arbitrum price.

Nearly all of Arbitrum's 619,000 investors are now in a losing position, with losses reaching 62% from the highest point. Currently, the crypto market is experiencing its highest level of fear in almost eight months.

Amidst the recent crypto market downturn, several significant players, including Jump Trading, Wintermute Trading, and Abraxas Capital, initiated large-scale transfers of BTC, Arbitrum (ARB), and ETH to various crypto exchanges, as per on-chain data.

Arbitrum (ARB), the fast-growing Ethereum scaling network, saw its token plunge to a record low on Monday. The token slipped to a low of $0.80, much lower than its record high of $1.88. This decline brought its market cap to more than $1 billion. Arbitrum's token decline coincided with more weakness in the futures market.