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Arbitrum (ARB) token price has experienced a significant drop of over 68% from its all-time high, even as its ecosystem shows strong growth and market share gains.
Current Arbitrum Token Price
The Arbitrum (ARB) token was trading at $0.76 on Thursday. This marks a potential early stage of a bull run, following a recent all-time low of $0.571.
Market Share Gains
Recent data indicates that Arbitrum has emerged as a key player in the blockchain industry, outperforming several notable names. Arbitrum’s Decentralized Exchanges (DEX) rank third in terms of volume.
On Thursday, Arbitrum’s DEX applications processed transactions worth over $847 million, making it the second-largest DEX blockchain, behind Solana and Ethereum. Solana and Ethereum recorded transaction volumes of $1.81 billion and $1.7 billion, respectively.
In the past week, Arbitrum handled a DEX volume of $7.5 billion, compared to Solana’s $13.17 billion and Ethereum’s $11.7 billion. This places Arbitrum ahead of other well-known blockchains in terms of DEX transactions. For instance, BNB Chain processed $4 billion, while Thorchain, Base, Optimism, Avalanche, and Sui processed less than $3.5 billion each.
Leading DEX Networks
Top DEX networks on Arbitrum include Uniswap, Balancer, Camelot, Ramses, and PancakeSwap. Users are drawn to Arbitrum for its fast transaction speeds and low costs, with an average cost of about $0.0012.
Additional data reveals that Arbitrum has attracted a substantial number of users and developers. The platform boasts 665 DeFi dApps and 966,000 active addresses, surpassing Ethereum’s 359,000 and BNB Chain’s 890,000.
Arbitrum’s DeFi total value locked (TVL) stands at over $3.15 billion, making it the fifth-largest chain. The volume of stablecoins within its ecosystem has increased to $4.2 billion.
Growing Ecosystem
Arbitrum’s ecosystem continues to expand as developers capitalize on its features. Recently, JuicyPerp, a gamified perpetual platform, and Huddle, a real-time communication layer for AI, games, and the metaverse, joined the ecosystem.
Huddle01 dRTC Unveils its L3 on Arbitrum – ensuring transparent and fair operations for Media Node operators.
Reasons for Arbitrum’s Price Drop
Despite its progress, Arbitrum appears to be undervalued compared to other networks. The ARB token has a market cap of $2.5 billion, whereas Near and Cardano, with smaller ecosystems, are valued at $6.4 billion and $15 billion, respectively.
A probable reason for this undervaluation is the expectation of continued dilution for Arbitrum’s holders in the coming years. Currently, Arbitrum’s circulating supply stands at over 3.3 billion tokens, out of a total supply of 10 billion ARB tokens.
Token unlocks occur on the 16th of every month, with these tokens distributed to the team, advisors, and investors.
Additionally, the recent Bitcoin price action has impacted Arbitrum. After reaching a record high of $73,400 in March, Bitcoin has remained below $65,000. ARB hit its peak during this period and subsequently retreated alongside other altcoins.
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