Decoding Arbitrum’s stablecoin frenzy and market momentum
- Arbitrum sees more active users in the stablecoin sector.
- ARB continues to trade in the $0.9 price region.
Recent reports indicate a rise in interest among stablecoin issuers on Arbitrum [ARB]. The growth prompts an exploration into the evolving landscape of stablecoins on the Layer 2 (L2) solutions.
Is your portfolio green? Check out the ARB Profit Calculator
Arbitrum sees more active users from the stablecoin sector
The data revealed that stablecoin issuers claimed the top position, boasting an impressive 229,000 active users. Following closely were exchange bridges, securing the second and third positions in the rankings.
How the stablecoin landscape looks on Arbitrum
DefiLlama’s stablecoin market cap chart for Arbitrum unveiled a recent, noteworthy uptrend. Over the past week, the chart displayed a discernible surge in the stablecoin market cap. This surge coincided with Token Terminal’s report, which highlighted increased activity in the stablecoin sector.
At the time of this update, the stablecoin market cap surpassed an impressive $1.7 billion. The upswing commenced around 23 October. Before then, the market cap was approximately $1.6 billion.
However, this uptrend in market cap did not translate into a significant increase in daily user numbers on Arbitrum. The user chart illustrated a consistent number of general users.
Around 105,000 users at the time of this report. However, what stood out was the absence of new users. What this indicated was limited or no influx of fresh participants into the network.
How ARB has trended
Arbitrum’s daily timeframe chart paints an encouraging picture of its recent price performance. The price range indicator reveals a remarkable uptrend, with a surge of over 20% over the past 12 days.
Realistic or not, here’s ARB’s market cap in BTC terms
In this timeframe, the value of ARB climbed from the $0.8 price range to a respectable $0.9. However, at the time of this update, there was a minor dip of slightly over 1%. Despite this decline, the token continued to hold the $0.9 price level.
Notably, the chart also signaled a decline in trading volume while sell pressure exerted its influence, contributing to the observed price correction.