• The number of ARB holders has tremendously grown.
• The short to mid-term outlook remained bearish.

Arbitrum [ARB], having shown various attempts to recover from its massive plunge at launch, lost 16.58% of its value in the last seven days. Although the token is not alone in this line, the decrease indicated that it has been one of the worst performers of the top 50 in market capitalization.

Read Arbtirum’s [ARB] Price Prediction 2023-2024

Trust in the system

Despite its underwhelming show, the number of ARB holders continued to surge since 25 March. According to Token Terminal, the increase was exponential, helping the holder count surpass 640,000.

ARB tokenholders & DAUs pic.twitter.com/JPvGc6gjxE

— Token Terminal (@tokenterminal) May 11, 2023

This means that the total number of entities that have added ARB to their portfolio increased.

Additionally, a spike in this metric most times suggests that a token has massive potential to be profitable in the long term considering that the impact of increased accumulation might not be instant.

While the ARB hype might have shrunk, the same cannot be said of its development activity. The metric

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Author: Victor Olanrewaju

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