$ARB Price Surges 30% on Robinhood Chain Activity
ARB's price has surged nearly 30% over the past 24 hours, driven by record activity on Robinhood Chain and a sharp increase in trading volume. The token climbed from roughly $0.085 to briefly trade near $0.12, with CoinGecko data putting it at around $0.11 at the time of writing.
The Arbitrum Foundation's revenue model has played a significant role in this price move, as Robinhood Chain returns 10% of its net protocol revenue to the Arbitrum ecosystem. However, the recent activity comes less than a month before another increase in circulating supply, with 139.15 million $ARB scheduled for release on September 23.
The daily chart has broken above the entire Fibonacci retracement range drawn from the August low near $0.072 to the previous swing high around $0.1096, with several areas where buyers could defend a pullback. The ADX stands near 33.8, indicating a strong directional move, and the positive directional indicator (+DI) has climbed to roughly 39.4 while -DI sits at 12.4.