In a whirlwind of market activity, Arbitrum, Ethereum’s layer-2 network, surged to an eight-month high of $1.4567, marking a staggering 15% surge within the last 24 hours. This surge was accompanied by a remarkable 315% uptick in trading volume, driving the market capitalization up by a striking 15%.
Moreover along with this surge, came strategic moves by notable entities. Spotonchain data revealed that a Whale named 0x0db withdrew 2.91 million ARB worth $3.53 million from OKX at $1.21, subsequently amassing a holding of 4.15 million ARB worth $5.62 million with a notable floating gain of $924K. Notably, this whale reaped considerable profits of $913K trading ARB on OKX back in April.
Another major player, Amber Group 0x011, steadily accumulated 6.41 million ARB worth $7.58 million from Binance since November 17, with their recent move involving the withdrawal of 1.51 million ARB worth $2.07 million at $1.37. It boasts a floating gain of $1.07 million.
However, amidst this bullish momentum, Arbitrum faced a critical setback on December 15. It encountered an outage lasting approximately 78 minutes. The outage, acknowledged by the network’s Discord community manager Ricardo “Gordan,” was attributed to inscriptions.
During the outage, the sequencer stalled due to a surge in network traffic, resulting in a reduced transaction processing capacity. It is wherein only two transactions were recorded per block. The team later confirmed that the outage indeed stemmed from inscriptions.
ARB Price Chart, Source: TradingView
Amidst these developments, analyses of Arbitrum’s price movements paint a bullish picture. The 9-day exponential moving average (EMA) is currently positioned below the trading price at $1.2104. However, the daily relative strength index (RSI) suggests an overbought condition, standing at 62.