BingX spike in trading activities after ARB breaking all time high at $1.68
BingX, a leading cryptocurrency exchange, noticed an influx in ARB/USDT traders even after ARB launch date. Arbitrum is a layer-2 solution for Ethereum that was launched in 2021 by New York-based company Offchain Labs. The platform aims to address the scalability and cost issues experienced by Ethereum through the use of transaction rollups.
According to the latest report from Arbitrum twitter account, the number of wallet addresses in ARB has reached more than 5 million as of 17th April. However, just like any hot airdrops, trading activities are expected to drop after the main event. Crypto investors may sell their coins after receiving airdrops for various reasons, including the fact that the airdropped tokens may not align with their investment strategy or long-term goals. However, another key reason for selling airdropped tokens is to provide liquidity to the market. Cryptocurrency markets always require liquidity, which refers to the availability of buyers and sellers in the market. When investors sell their airdropped tokens, they increase the supply of tokens available for purchase, which can improve the overall liquidity of the market.
Compared with Optimism, Arbitrum token has been up around 31.5% in the last seven days, making it the top 50 best performing coins in cryptocurrency.
BingX traders are seeing a spike of trading activities as it challenges it’s all time high. Copy traders are taking the opportunity to trade during the fluctuations as it hits the peak. Ultimately, the impact that ARB has on the cryptocurrency industry as new innovations continue to flow in.
About BingX
Founded in 2018, BingX has grown to become the world’s leading social trading platform. It is a global digital asset, spot, and derivatives trading platform that provides a safe, reliable, user-centric, and open ecosystem with intuitive social trading features. BingX offers popular crypto projects like ARB USDT & OP USDT spots and dreivative tradings to more than 100 countries and regions worldwide with over 5 million users. BingX QA is a Q&A engine for trading analysis and investment guidance. The latest analysis includes fundamental analysis and price predictions for tokens such as Arbiturm VS Optimism.
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