ARB Soars as Whales Show Interest in Arbitrum’s dApps

• Arbitrum’s dApps have been driving network activity, generating significant fees.
• Whales have shown interest in ARB as prices surged.
• Despite the increase in dApp activity, DEX and TVL saw a decline on Arbitrum.

Increase in Network Activity

Arbitrum witnessed a surge in network activity through its dApps, with the MUX Protocol playing an important role. The fees generated by this protocol saw an all-time high, resulting in 90% of fees being accrued by the Arbitrum [ARB] ecosystem at press time.

Whales Show Interest

Whales showed massive interest in Arbitrum’s ARB token despite declining DEX volumes and TVL on the network. A large investor deposited 200 ETH (~$372K) into Arbitrum and acquired 321,910 ARB tokens at $1.16 per token. This caused ARB prices to soar significantly over the last few weeks, trading at $1.171 according to Santiment’s data at press time.

Decline In DeFi Sector

Despite the surge in dApp activity, DEX volumes on Arbitrum continued to decline as well as TVL on the network indicating that it still needed to show some growth in the DeFi sector.

Realistic or Not

Realistic or not, here’s ARB’s market cap in BTC’s terms Despite there being a surge in ARB’s price, network growth of ARB declined significantly due to low DEX volumes and TVL observed on its platform.

Conclusion

In conclusion, Arbitrum’s dApps are bringing huge amounts of fees as activity rises while whales are showing increased interest in its native token (ARB). However, despite these activities increasing significantly there is still room for growth for it to become successful within the DeFi sector according to its current standing with DEX & TVL numbers remaining fairly low compared to other networks within this space