Ethereum network upgrade and uptick in Arbitrum active users could trigger an ARB price reversal

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Ethereum network upgrade and uptick in Arbitrum active users could trigger an ARB price reversal

While the Arbitrum governance token ARB has been in a consistent downturn since the airdrop in late March, its ecosystem shows healthy growth.

A recent Nansen report shows that Arbitrum’s activity improved after the airdrop, stabilizing “at a level higher” than before the airdrop. The daily active users, gas fees and transaction count have maintained consistently higher levels since April 2023.

Daily active users of Arbitrum, and Optimism (past 6 months). Source: Nansen
The trading volume of DEXs on Arbitrum. Source: DefiLlama
Funds (purple) and smart wallets (green) are still holding ARB. Source: Nansen
Funding rate across the perpetual swap markets. Source: CoinGlass
ARB/USDT daily price chart. Source: TradingView
ARB/ETH 4-hour price chart. Source: GeckoTerminal

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