Once hailed as a promising token, $ARB has faced a steady decline in price since its launch in March 2023.
Despite Arbitrum’s growing success in terms of total value locked (TVL), stablecoin market capitalization, active addresses, trading volume, and an expanding ecosystem of developers and projects, the token’s value has not reflected these positive developments.
According to data from @intotheblock, a staggering 92% of $ARB holders are currently “out of the money,” meaning their investments are underwater as the token continues to bleed in price.
For many, the current market sentiment surrounding $ARB is bleak, and holders have undoubtedly seen better days.
$ARB holders have definitely seen better days 🥴, according to @intotheblock, 92% of its holders are out of the money 🫠.
How are y’all holding up, @arbitrum 🫣?#crypto #BearMarket https://t.co/pUE0Xl54jD pic.twitter.com/JnszWuXKAo
— champagne mami 💕 (@EkponoAkwaowo) September 20, 2024
Supply Of USDT On Arbitrum Doubles From $1 Billion To Nearly $3 Billion
However, it’s not all doom and gloom for the Arbitrum network. According to Token Terminal, the supply of USDT on Arbitrum One has more than doubled since the beginning of the year, rising from $1 billion to nearly $3 billion.
This growth in stablecoin supply indicates increased activity and liquidity on the Arbitrum network, which could signal long-term potential for the chain, even if the $ARB token itself is struggling.
The USDT supply on @arbitrum One has doubled since the beginning of the year. pic.twitter.com/2YoVlb6LZ1
— Token Terminal (@tokenterminal) September 20, 2024
While $ARB has yet to reflect the network’s growth, Arbitrum’s expanding ecosystem and rising USDT supply suggest that the project still holds promise. However, investors should approach cautiously, keeping an eye on future developments and whether the token can eventually catch up to the network’s growing fundamentals.
For now, $ARB holders are in a tough spot, hoping that Arbitrum’s continued progress will eventually translate into positive price action for the token.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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