10,000 New Users Join Ethereum Layer-2 Arbitrum Last Week, ARB Price Eyes $2

Bhushan Akolkar
May 27, 2024 Updated June 17, 2025
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Arbitrum Price

Highlights

  • Arbitrum daily trading volume surged by a staggering by 113% to $840 million.
  • Over the past week, 10,000 new users have joined the Arbitrum network.
  • With anticipation of Ethereum ETF inflows, many of the 1.51 million ARB investors are likely to hold their asset.

As Ethereum (ETH), the world’s second-largest cryptocurrency, rallies to $4,000, its Layer-2 platforms are also experiencing similar momentum. Arbitrum, a prominent Layer-2 platform, has seen a 5% increase, pushing its price past $1.25. Additionally, Arbitrum’s daily trading volumes have surged by 113%, reaching $840 million.

10,000 New Users Join Arbitrum Over the Last Week

Based on the data showcased in the chart above, there were 1.5 million individual wallets holding ARB tokens as of the beginning of the week starting on May 20. As of the latest update on May 25, this number has climbed to 1.51 million ARB wallets.

This suggests that approximately 10,000 new users have joined the Arbitrum network within the span of this week. As these fresh participants engage in transactions, the increasing demand for ARB tokens may catalyze further price fluctuations.

Courtesy: Santiment

Moreover, with the anticipation of Ethereum ETF inflows on the horizon, a significant portion of the 1.51 million ARB investors are likely to retain their assets, expecting favorable outcomes from the influx of funds into the Ethereum L2 ecosystem.

The resultant reduction in sell-pressure coupled with the rising demand from new adopters could propel Arbitrum’s price to advance towards the next significant milestone at $1.50.

ARB Price Action

Arbitrum (ARB) has been striving to surpass the overhead resistance of $1.27 in recent days, but the bears have managed to maintain their position.

A minor positive for the bulls is that they have successfully prevented the price from falling below the 20-day EMA ($1.11). This increases the likelihood of a breakthrough above the resistance. Should this occur, the ARB/USDT pair is expected to gain momentum, potentially rising to $1.60 and eventually reaching $1.75.

However, this optimistic outlook will be invalidated in the near term if the price declines sharply and falls below $1.10, which could drag the price down to the strong support around $0.90.

The Arbitrum price has been moving in tandem with Ethereu, Similar to ETH, ARB has also clocked 28% over the past week. Earlier this year in January 2024, the ARB price touched an all-time high of $2.4.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.