Arbitrum (ARB) Pumps 27% Daily: The Start of a Bigger Move?

Surprisingly or not, Arbitrum’s ARB leads the entire top 100 club today (September 1) as the strongest performer.

Some analysts expect further gains ahead, but a certain technical indicator suggests a short-term correction is also quite possible.

The 3-Month Peak

ARB experienced a sudden 27% daily increase and currently trades at around $0.11 (per CoinGecko), the highest point since late May. Its market capitalization surpassed $730 million, making it the 86th-largest cryptocurrency.

The double-digit increase is rather surprising given the slight overall decline in the market over the past day, and the most likely catalyst fueling the rally appears to be Robinhood.

Arbitrum’s team revealed that Robinhood Chain generated more than $1 million in fees in the last 24 hours. “As a dedicated Arbitrum chain, 10% of the protocol revenue flows back to the Arbitrum ecosystem,” they added.

According to X user Master of Crypto, ARB is nearing the end of a long consolidation after trading inside a clear symmetrical triangle, with resistance around $0.1495 and $0.1729.

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