Crypto News– The Arbitrum (ARB) price rally has successfully reclaimed the $1.15 territory this week, marking a monthly gain of 30%. On-chain research delves into the key factors driving this bullish ARB price action.
Arbitrum Achieves 15,000 Funded Addresses, Surpassing Polygon (MATIC)
The recent milestone in Arbitrum’s network usage appears to have instilled confidence in investors regarding the prospects of ARB prices. The question now arises: will the bulls continue to push for more gains, or opt to secure profits early? Arbitrum’s price has maintained an upward trajectory since the commencement of November 2023. On-chain data trends uncover that this bullish momentum is predominantly fueled by a substantial influx of investments into projects hosted on the Arbitrum ecosystem.
According to on-chain data sourced from IntoTheBlock, the number of Arbitrum-funded addresses surpassed the significant milestone of 15,000 this week. These non-zero balance addresses, also known as funded addresses, distinguish crypto wallets actively holding ARB tokens from those that are empty or inactive.
The noteworthy surge in ARB-funded addresses signals a growing global adoption of the Arbitrum network, serving as a visible and influential bullish indicator that has played a pivotal role in the ongoing ARB price rally.
After experiencing months of rapid growth in adoption, the Arbitrum network has now secured the leading position in the Ethereum scaling sector. According to a recent post on X (formerly Twitter), Coingecko‘s research revealed that Arbitrum has surpassed Polygon (MATIC) to become the most utilized Layer 2 network.