ARB Surges on Robinhood Chain Activity, Eyes $0.14 Resistance
ARB, the native cryptocurrency of Arbitrum, has seen a significant surge in price over the past 24 hours. According to CoinGecko, ARB is currently trading near $0.11 after climbing from around $0.085 and reaching a high of nearly $0.12.
The move has pushed ARB's price up by more than 15% over the past seven days and roughly 45% over two weeks. The catalyst behind this increase in price is primarily attributed to record activity on Robinhood Chain, an Ethereum layer 2 built using Arbitrum technology.
Ronin Hood Chain processed a record 5.52 million transactions on Aug. 30, with decentralized exchange volume reaching approximately $875 million. Additionally, apps on Robinhood Chain generated around $2.66 million in revenue over the same period, surpassing Ethereum and Base.