The L2 ecosystem of the Ethereum blockchain is growing every day. However, Arbitrum, which had garnered hype, has not been able to sustain it. Among Ethereum’s layer 2 solutions, Arbitrum has emerged as the least performing L2.
ARB Token going down
According to Messari’s data, Arbitrum has proven to be a loss-making deal for investors. Since its token launch in January 2023, it has been on a continuous decline. From October 23 to January 24, there were only three months during which the ARB token saw a slight rise. For the rest of the time, the ARB token has only disappointed its investors.
The Scary Data
Data from IntoTheBlock shows that only 0.02% of holders are in profit, 3% are neither in profit nor in loss, while a significant 97% are in loss. More than 1.15 million addresses are bearing this loss burden.
Additionally, only 29% of holders have held ARB for more than a year, while 60% have held it for more than a month, and 11% have held it for less than a month. Messari’s data confirms that 97% of holders are experiencing losses.
While Ethereum’s L2 ecosystem has seen better days compared to Arbitrum, it has never been fortunate. And the total volume of Arbitrum is also falling critically.
When its token launched in 2023, there was a high level of activity surrounding it. Arbitrum’s airdrop attracted investor interest. Furthermore, several DApps were launched on Arbitrum. In January 2024, Arbitrum set its all-time high record at $2.39. Since then, the ARB token has fallen by almost 76%.
Looking at Glassnode’s data, it is evident that there has been an overall decline in ARB token trading volume in the past 24 hours.
The most significant decline was observed in the ARB/USDC pair on Bybit, which fell by 75.49%. However, there has also been an increase in OI volume. Looking at this, it seems that traders are confident that the price of ARB will rise.
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