ARB Soars 30% Amid Robinhood Chain Frenzy and Memecoin Trading
ARB has experienced a significant price surge of nearly 30% over the past 24 hours, reaching a high of $0.12 and briefly trading near this level. This increase is largely attributed to record activity on Robinhood Chain, which processed a record 5.52 million transactions on Aug. 30. The network's decentralized exchange volume reached roughly $875 million, with apps generating around $2.66 million in revenue over 24 hours.
The Arbitrum Expansion Program is linked to the increase in activity, as Robinhood Chain returns 10% of its net protocol revenue to the Arbitrum ecosystem. However, this figure cannot be applied directly to the recorded $2.66 million, which came from applications on the network rather than protocol revenue. Memecoin trading has also driven a significant portion of the recent activity, with users creating around 22,600 tokens through Pons in a single day.
The price move has been amplified in derivatives markets, with open interest reaching roughly $88 million as ARB moved higher. Short liquidations and traders closing bearish positions added buying pressure during the breakout. However, this sharp rise comes less than a month before another increase in circulating supply, with a scheduled unlock on Sept. 23 set to release 139.15 million ARB.
ARB's 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. The token would need enough buying demand to absorb any tokens that reach the market, particularly if the price is still testing the $0.12 to $0.14 area by the time of the unlock.