Ethereum network upgrade and uptick in Arbitrum active users could trigger an ARB price reversal
Positive Ethereum and Arbitrum network developments and the eventual improvement in crypto investor sentiment could lend a boost to ARB price. While Arbitrum’s 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 maintained consistent higher levels on the Ethereum rollup since April 2023. The gap between the number of active users on Arbitrum and Optimism widened after the Aribtrum airdrop, closing in on Ethereum. Daily Active Users of Arbitrum, Ethereum and Optimism (past 6 months). Source: Nansen The trading volume on Arbitrum-based decentralized exchanges paint a similar picture, showing an evident rise in volume after the airdrop. The trading volume of DEXes on Arbitrum. Source: DeFiLlama Moreover, Nansen’s report sh...