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- Whale accumulated 1.974 million ARB worth $1.14M, triggering a 16.9% price jump in 24 hours.
- Strong volume and bullish technicals confirmed trader confidence after key resistance was broken.
The price of the Arbitrum (ARB) token has surged 16.90% in the past 24 hours. On-chain data indicates a major move by a single whale, quietly accumulating a massive amount of ARB.
According to on-chain analyst Rose, the whale’s total purchases reached 1.974 million ARB, worth approximately $1.14 million. Interestingly, this purchase occurred after the whale exchanged ETH to fund its ARB token accumulation.
Such a large move certainly didn’t go unnoticed by market participants. When an entity pumps such a large amount of funds in such a short period of time, there’s certainly a motive behind it. Many see it as a signal of confidence in the short- and long-term potential of the Arbitrum ecosystem.
Furthermore, technical support has further bolstered optimism. ARB broke through key resistance, with trading volume surging 227% in a single day to reach $1.44 billion. Technical indicators like the MACD histogram also returned to positive territory for the first time since July, while the 14-day RSI hovered around 63—a healthy level with no indication of overbought.
So, the combination of whale accumulation, technical support, and high volume appears to be fueling this surge.
Adoption Momentum Builds as Arbitrum Attracts Major Players
Meanwhile, developments within the ecosystem also continue to flow. In mid-July, CNF reported that PayPal quietly added support for Arbitrum in its stablecoin product, PYUSD. This information was first revealed through an update to PayPal’s terms and conditions page.
While not widely announced, this move paves the way for faster and cheaper transactions through this Layer-2 network.
In the same month, NodeOps officially launched its permissionless computing protocol on Arbitrum. This protocol had previously undergone a testnet testing phase with promising results. NodeOps is now also expanding its services with staking, cross-chain integration, and AI-based orchestration to support the DePIN ecosystem.
If you’re wondering if all this will have an impact on the price, it won’t necessarily be in the short term, but the long-term impact could be significant, especially in attracting new users and developers.
No less interesting, Arbitrum is now also an option for large projects looking to migrate. For example, Sky Mavis—developer of the game Axie Infinity—recently submitted a proposal to migrate its Ronin network to Arbitrum Orbit as a Layer 2.
If implemented, the Ronin network, with 1.7 million daily active users, will be directly integrated into the Arbitrum ecosystem. Yes, this migration isn’t risk-free, but imagine the transaction volume that will follow.
Wyoming’s Stablecoin Move Hints at What Comes Next
Beyond users and developers, this network is also starting to gain traction in a more serious area: traditional finance. On August 19-20, the state of Wyoming launched Frontier Stable Token (FRNT)—the first state-issued stablecoin in the United States.
This token was launched on seven networks simultaneously, including Arbitrum. Support from big names like Visa and Kraken makes it even more appealing. Moreover, this stablecoin has a 2% overcollateralization system and is backed by institutional asset reserves.
With this integration, Arbitrum’s role as part of a more regulatory financial infrastructure is further strengthened. It’s no exaggeration to say it’s the new backbone for large-scale cross-chain transactions.
Meanwhile, Circle also joined the fray by launching its Gateway protocol—a cross-chain liquidity solution that supports integrated USDC across multiple networks, including Arbitrum. They aim to reduce capital fragmentation and make it easier for institutions to manage funds efficiently.
Furthermore, Arbitrum remains a strong leader in the Ethereum scaling sector, with a TVL of over $2.53 billion and over 900 active dApps as of early August.