Arbitrum Surges 26% on Robinhood Chain Activity

Arbitrum's price surged 26% over the past 24 hours, trading near $0.1101 on Tuesday.

This unexpected rally comes as Bitcoin and Ethereum fell during the same period, leaving Arbitrum to shine against a falling market.

The move is largely attributed to record activity on Robinhood Chain, a network built with Arbitrum Orbit technology that sends part of its revenue back to the Arbitrum ecosystem.

Roughly $2.13 million in chain fees were collected over 24 hours by Robinhood Chain, according to DefiLlama, out-earning Arbitrum One's $16,000 in chain fees during the same window.

The Arbitrum Expansion Program dictates that Orbit chains route 8% of net revenue to the ArbitrumDAO treasury and 2% to a developer guild, with ARB holders holding a claim on fees earned outside Arbitrum One.

Despite this promising development, analysts are cautious about the token's future prospects, noting that its price has stalled at the 0.618 Fibonacci retracement near $0.1193 and is currently trading at the 0.5 Fibonacci level near $0.1100.