Arbitrum (ARB) Price: Assessing Recovery Potential After $1M Ecosystem Rug Pull

BeInCrypto
BeInCrypto

29 Jun 2023 11:30 AM

Arbitrum price crashed 10% on Wednesday after Chibi Finance devs rug-pulled users’ funds worth $1 million. Will ARB price recover?...

  • Arbitrum (ARB) price crashed 10% after the Chibi Finance rug pull incident, where $1 million of user funds were stolen.
  • On-chain data shows a decline in network growth, indicating potential struggles for ARB in finding new demand.
  • Market sentiment remains neutral, with a slight upward trend in weighted sentiment.
  • The launch of USDC stablecoin on the Arbitrum network could divert attention from the rug pull incident.
  • ARB price is currently in a no-trade zone, and it is too soon to predict recovery.
  • The MVRV ratio suggests that ARB could consolidate above the $1 range, with potential support around $1.10.

The sentiment surrounding Arbitrum (ARB) is currently neutral, with a slight upward trend in weighted sentiment. The community has not fully priced in the rug pull incident, and the launch of USDC stablecoin on the network could positively impact sentiment.

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You May Ask

What caused the 10% crash in Arbitrum (ARB) price?How has the network growth of Arbitrum been affected by the rug pull incident?What does the market sentiment indicate about the community's response to the incident?Will the launch of USDC stablecoin on the Arbitrum network impact the recovery of ARB price?What is the predicted price range for ARB in the coming days?

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