Connect with us
Active Currencies 14320
Market Cap $2,554,587,458,087.80
Bitcoin Share 51.65%
24h Market Cap Change $0.07

Decoding Arbitrum’s stablecoin frenzy and market momentum

2min Read

Stablecoin issuers flock to Arbitrum as Token Terminal’s report reveals a surge in activity. The L2 landscape evolves, but user numbers remain steady.

Arbitrum's stablecoin frenzy and market momentum

Share this article

  • 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

In a recent post by Token Terminal, the spotlight was cast on the most active market sectors within Arbitrum over the past week.

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. 

Arbitrum stablecoin marketcap and daily users

Source: DefiLlama

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.

ARB/USD daily price trend

Source: TradingView

Notably, the chart also signaled a decline in trading volume while sell pressure exerted its influence, contributing to the observed price correction.

Share

Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.