Title: Arbitrum Network Records Increase in New Addresses and ARB Price Surge
If you’re following developments in the cryptocurrency world, you’ve probably heard about Arbitrum. Recently, the network recorded a significant influx of new accounts interacting with the network and a surge in the price of ARB. What’s driving this growth, and what does it mean for the future of the network?
The Increase in New Addresses
Arbitrum’s network has seen a 27% increase in new addresses following the launch of the Short Term Incentive Program (STIP). This initiative, designed to fund other projects and drive growth within the ecosystem, has attracted new users to the network. According to data from IntoTheBlock, the number of new addresses on Arbitrum crossed 60,000 on 17th November.
The Move Shows Its Potential
The STIP program seems to have had the desired effect, bringing in additional users for Arbitrum. This is evident in the growth of new wallets making their first ethereum-based transactions on the network, signaling a positive response to the initiative.
Impact on ARB Price
The STIP program has also had a positive effect on the price of ARB. Despite a 91% drop from its All-Time High, ARB’s value has increased by 19.05% in the last 30 days. This surge has enabled the token to surpass the crucial $1 mark. Looking at the ARB/USD 4-hour chart, it appears that the token could be poised for another increase, potentially retesting $1.10.
Assessing Recent Trends
Analysts have been closely monitoring several metrics to gauge ARB’s recent trends. The Chaikin Money Flow (CMF) suggests another uptrend, while the Weighted Sentiment around Arbitrum has fallen into the negative region. On-chain transaction volume in profit to loss also indicates more realized gains than losses in recent times.
The recent surge in new addresses on the Arbitrum network, combined with the positive impact on ARB’s price, highlights the potential for growth within the ecosystem. As the network continues to develop and attract more users, it will be interesting to see how these trends evolve. Stay tuned for more updates as the story develops.
### News source: eng.ambcrypto.com