ARB Soars 9.2% Amid Crypto Short Squeeze and Arbitrum Upgrade

The cryptocurrency market experienced a significant short squeeze and risk-on move, driving the total crypto market cap up by approximately 3.5% over the past 24 hours.

ARB, the native token of Arbitrum, surged by 9.2% during this period, with its 24-hour spot volume reaching $209.66 million and a 33.6% appreciation over seven days.

The ArbOS 61 'Elara' upgrade, activated on August 20, played a significant role in driving the price increase of ARB. This upgrade introduced an optional protocol-level compliance filtering feature for Arbitrum Orbit chains, making it attractive to enterprise and institutional partners.

ARB's technical setup, with its depressed starting point and growing trader and whale interest, also contributed to the token's responsiveness to the combination of macro and fundamental catalysts.