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Arbitrum Token Sell-Off: Whales Transfer $58M To Exchanges Following Unlock, ARB Price Reacts

On Saturday, March 16, the Layer 2 protocol Arbitrum (ARB) unlocked 1.1 billion ARB tokens as part of its 2024 roadmap. This event led to a significant decline in the native token’s value, with losses of up to 18% reported over the past week. 

In the past 24 hours, more whales have been sending ARB tokens to exchanges for selling, indicating a potential further drop in the protocol’s prices. This token unlocking marks the beginning of a four-year phased process, releasing a specific number of tokens every four weeks until 2027.

11 Whales Dump $58 Million Worth Of ARB Tokens

Following the massive unlocking of ARB tokens, analysis firm Lookonchain revealed that 11 whales deposited 34 million ARB tokens (equivalent to $58 million) into exchanges. 

Additionally, on-chain data provider “The Data Nerd” noted that trading firm Wintermute has been continuously depositing ARB tokens for the past 48 hours, potentially for selling purposes. 

The data provider notes that digital asset trading firm Wintermute now holds only 7.22 million ARB tokens worth $12.35 million, indicating that they have already deposited or sold $18.12 million worth of ARB over the past few days.

The ARB token has been on a 29% downtrend since reaching its all-time high (ATH) of $2.39 on June 12, 2024. Following the unlock event, ARB traded as high as $1.96 but dipped to $1.61 within 48 hours. 

The token has managed to reclaim the $1.68 level despite being in the red zone over the past 24 hours if the price drops further, ARB’s potential support walls are identified at $1.56, $1.46, and potentially as low as $1.32.

Arbitrum Post-Unlock Journey 

NewsBTC reported that there has been only one previous unlock event for ARB tokens. On the first day after the unlock, ARB experienced a 3% increase, indicating positive market sentiment and initial demand. 

However, the token’s price gradually declined, reaching a low of -21% approximately 21 days after the unlock event. Interestingly, around the 25-day mark, the price began significantly recovering, surging by 19% above the unlock-day level. 

These patterns suggest that while Arbitrum may face initial downward pressure post-unlock, there is potential for recovery and positive price movement in the following weeks.

The future trajectory of ARB’s price action remains uncertain despite experiencing a 15% drop from its first unlock day. Drawing from the past unlock event, if historical patterns hold, there may be a further 6% decrease, aligning with the previous 21% drop observed 25 days after the first Arbitrum unlock event. 

This hypothetical scenario would place Arbitrum at $1.57, indicating a favorable mid-term uptrend structure.

However, it is crucial to note that past patterns do not guarantee identical outcomes in current price trading. Nevertheless, analyzing historical data can provide valuable insights and help understand and assess potential price movements.

Arbitrum

Featured image from Shutterstock, chart from TradingView.com

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Arbitrum Beats Ethereum and Solana With 119% Surge In NFT Sales, NFT Resurgence On The Horizon?

Arbitrum (ARB), the Ethereum Layer 2 scaling solution, has been facing a bearish week after failing to establish a new price floor and falling below the $2 level. Additionally, the unlocking event scheduled for March could negatively impact the token’s price.

Despite ARB’s recent drop, the blockchain has seen a greater performance in the non-fungible token (NFT) market, surpassing Ethereum and Solana.

Arbitrum: Top Gainer In The Last Day

Data from Crypto Slam shows that the daily NFT sales volume in the Arbitrum blockchain recovered in the last 24 hours. The blockchain is the fourth largest by total NFT volume sales, showing a recent performance larger than Ethereum or Solana.

The chart above shows that Arbitrum is the top gainer after seeing a 119.41% surge in sales volume, over $1.26 million, during the last 24 hours. The blockchain also registered an 8.09% increase in wash sales from the day prior. Despite the rise, it only accounts for 0.11%, or $1,489, of the total sales volume.

Wash trading is a practice used to inflate an asset’s value artificially. As a form of market manipulation, the trader buys and sells the same asset, usually through a third party, to create the impression of a higher market activity of said asset.

Wash sales in the NFT market can happen through a single seller creating multiple accounts to trade the NFT or two sellers scheming to buy and sell each other’s digital assets.

The Arbitrum blockchain had 8,094 transactions during the last day, which accounts for a 9.04% increase. Its demand and offer of NFTs also rose by approximately 10%, with 3,557 buyers and 1,904 sellers in the previous 24 hours.

Solana and Ethereum saw a milder increase in their daily volume sales, with 26.69% and 5.42% respectively. Solana had a total sales volume of $10.9 million, divided by $9.17 million in authentic sales and $1.77 million in wash sales, which is 16.21% of the total volume and a 9.37% surge from the day prior.

Despite the sales volume being worth almost eleven million dollars, the demand and offer saw a significant 21.21% transaction drop and a 15.6% buyer decrease on the last day.

On the other hand, the NFT sales in the Ethereum blockchain saw a 2.9% drop in its total daily sales volume. Similarly, the number of transactions faced a slight 3.79% decline, with 23,931 transactions.

However, it’s worth noting that wash sales in the Ethereum blockchain saw a significant 19.33% decrease, with $7.14 million in the last 24 hours.

Is An NFT Resurgence In The Horizon?

The daily sales volume suggests a recent interest in some of the NFTs offered in the Arbitrum and other top blockchains. However, said interest could be a momentary thing in this ever-changing market. To paint a bigger picture, let’s look at what the 7-day time frame data suggests.

As seen in the chart below, five of the top ten blockchains by NFT sales volume have increased in this timeframe. Arbitrum, Bitcoin, and BNB Chain are among the top gainers in the last week.

Arbitrum remains the biggest winner with its massive 373.18% surge. The number of buyers and sellers also increased exponentially, with a 69% surge (approximately 35,000 buyers) and a 56% increase (27,000 sellers) in the past week.

Ethereum takes the first spot as the blockchain with the largest NFT sales volume of $202.5 million. However, Solana remains the winner in the transaction and the user’s metric. The blockchain saw 860,714 transactions in the past week, with over 242,041 buyers and 144,395 sellers.

Besides the sales volume, the transactions and buyer/seller numbers shone some light on the NFT market in the past week. These numbers, green in the top ten blockchains by NFT sales, undoubtedly suggest an increase in interest in the 7-day time frame. However, these numbers are significantly below the NFTs market performance shown in the 30-day metric.

ARB, ARBUSDT, Arbitrum

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Arbitrum (ARB) Faces Potential Selling Pressure As 1 Billion Tokens Become Unlocked In March

Arbitrum, the cryptocurrency network designed as a scalability solution for the Ethereum blockchain, has recently experienced a notable price correction, resulting in a drop in its native token, ARB. Over the past 24 hours, the token’s value dipped to $1.84, marking a retracement of 5%. 

As February draws to a close, attention is now turning to the potential downside price action expected in March as a substantial number of ARB tokens are set to be unlocked.

Major Unlock Event Looms For Arbitrum

According to a recent announcement on X (formerly Twitter), more than 1.11 billion ARB tokens, estimated at $1.24 billion, are scheduled to be released on March 16, 2024. 

This unlocking event signifies the beginning of a four-year phased unlocking process, which will gradually release a certain number of tokens every four weeks until 2027. 

The total number of tokens in circulation for Arbitrum currently stands at 1.275 billion, meaning the unlock will release an equivalent of 87% of the circulating supply, nearly quadrupling it to 2.375 billion tokens.

Token unlocks, especially when they exceed the average daily trading volume, can act as bearish catalysts for token prices as they introduce additional liquidity into the market. This influx of tokens can create inflationary pressures, leading to increased volatility and speculative trading. 

However, to fully understand the potential impact on ARB, it is crucial to examine historical data that sheds light on the token’s price performance following previous unlocks.

According to Token Unlocks data, there has been only one cliff unlock event for ARB tokens in the past. Analyzing the price impact that followed this unlock provides valuable insights.

On the first day after the unlock, the price of ARB experienced a 3% increase, indicating positive market sentiment and initial demand. Subsequently, the token’s price gradually declined, reaching a low of -21% approximately 21 days after the unlock event.

However, at around the 25-day mark, the price began to recover significantly, skyrocketing by 19% above the unlock-day level. 

These historical patterns suggest that while ARB may face initial downward pressure following the upcoming unlock, there is a potential for recovery and positive price movement in the following weeks. Nevertheless, it is important to note that market conditions and investor sentiment can vary, and past performance may not necessarily indicate future outcomes. 

ARB Price Analysis

In the event of a potential 20% price decline from the current level of $1.84, ARB may face selling pressure and a lack of demand. To safeguard its current all-time high (ATH) of $2.4, bulls must defend major support walls.

Forecasting a potential dip to around $1.44, the next crucial support level for bulls to monitor is $1.42. This support level would be the last line of defense before a potential further decline to the subsequent support line at $1.25. If both levels fail to hold, the $1 mark would be at risk, with the last support for bulls at the $1.102 level.

It is important to note that the token unlock event’s outcome and ARB’s subsequent price action remain uncertain. 

Additionally, the crypto market is bracing itself for the Bitcoin (BTC) halving event, which could introduce additional volatility to the overall market as the event draws nearer.

Arbitrum

Featured image from Shutterstock, chart from TradingView.com

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Uniswap Expands Reach: Deploys v2 Protocol On Six New Chains Including Arbitrum And Polygon

Uniswap (UNI), one of the largest decentralized cryptocurrency exchanges (DEX) by trading volume, has made an important announcement regarding deploying its v2 protocol on six additional chains. 

The chains on which the v2 protocol has been deployed include Arbitrum (ARB), Polygon (MATIC), Optimism (OP), Base, Binance Smart Chain (BSC), and Avalanche (AVAX).

Uniswap Widens v2 Protocol Deployment

According to a recent post on X (formerly Twitter) by Uniswap Labs, the software product developer working on the protocol, the decision to deploy the v2 protocol on more chains is primarily driven by the desire to simplify the experience for Liquidity Providers (LPs).

While the protocol’s v3 offers advanced features tailored for active liquidity providers, the development team believes the v2 protocol offers a more “straightforward approach.” 

By default, v2 pools cover the entire price range, reducing the need for upfront decisions and minimizing the active involvement of liquidity providers. This simplification streamlines the process and makes it more accessible to a broader range of users, according to the announcement. 

Another benefit of using the v2 protocol on multiple chains, according to Uniswap Labs, is its cost efficiency. Creating pools on v2 is more gas efficient than other versions, resulting in lower gas costs to add liquidity. 

This cost reduction can be translated into savings for users, making swaps on the platform “incredibly affordable.” In addition, the use of v2 on Layer 2 scaling solutions significantly reduces the risk of frontrunning and manipulative practices known as Miner Extractable Value (MEV). 

Ultimately, by offering an official v2 deployment directly accessible through the Uniswap interface, the developers suggest that users can be assured of a safe and secure environment for their swaps.

UNI Price Dip, Platform Metrics Remain Solid

Despite the recent developments that could attract investors’ attention and drive broader adoption of the Uniswap protocol, the exchange’s native token, UNI, is currently undergoing a significant correction in line with the overall market trend.

Currently, UNI is trading at $7.22, representing a 4.4% price drop in the past 24 hours and a 1.1% decline in the last trading hour. However, it’s worth noting that UNI has been one of the better-performing tokens in the market, with price increases of 14.7% and 16.8% in the past fourteen and thirty days, respectively.

Uniswap

Furthermore, according to data from Token Terminal, the Uniswap ecosystem continues to exhibit substantial growth in key metrics. 

The fully diluted market capitalization of Uniswap stands at $7.56 billion, reflecting the total value of all tokens if they were fully in circulation. This figure has experienced a notable increase of 18.4% over the past month. 

In contrast, the circulating market capitalization, which considers the currently circulating tokens, is valued at $6.94 billion, indicating a 19.9% increase over the same period.

Uniswap

Despite the overall surge in market capitalization, the trading volume of the UNI token has experienced a significant decline of 69.3% over the past 30 days, amounting to $2.79 billion. 

The total value locked (TVL), a measure of the value of assets locked within Uniswap’s smart contracts, has also experienced a 14.4% increase, reaching $4.76 billion. 

Featured image from Shutterstock, chart from TradingView.com 

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Arbitrum (ARB) Rise: Daily DEX Volume Surges, Outpacing Ethereum By $400 Million

Arbitrum, a prominent Layer-2 (L2) scaling solution, has been on a remarkable upward trajectory since the launch of its native token, ARB, in March 2023. The past 30 days witnessed a staggering 74% surge in ARB’s value, underscoring the growing market interest in the protocol.

Notably, Arbitrum’s daily decentralized exchange (DEX) volume has experienced a significant surge, propelling the protocol to surpass Ethereum (ETH) for the first time in this key metric. 

This milestone highlights Arbitrum’s increasing adoption and recognition for its scalability within the decentralized finance (DeFi) ecosystem.

Arbitrum Sets New DEX Records

According to data from DefiLlama, Arbitrum’s daily DEX volume reached an impressive $1.834 billion over the past 24 hours, surpassing Ethereum’s volume of $1.444 billion. Analyzing DefiLlama’s data, it becomes evident that Arbitrum’s growth extends beyond daily DEX volume alone. 

The weekly change in ARB’s value soared by 32.58%, showcasing the token’s strong performance in the market. Moreover, Arbitrum’s seven-day volume reached an impressive $6.804 billion, indicating robust trading activity on the protocol.

Arbitrum

In terms of total value locked (TVL) in DEX, Arbitrum accounted for $1.297 billion, constituting 33.40% of the total TVL. In comparison, Ethereum’s TVL stood at $5.92 billion, making up 26.29% of the total. This demonstrates Arbitrum’s growing prominence as users increasingly recognize its potential for efficient and secure decentralized trading.

ARB’s Financial Metrics Soar

Further demonstrating the growth of the protocol’s ecosystem, token terminal data shows that Arbitrum’s market capitalization (in circulation) has increased by an impressive 83.84% to $2.56 billion. 

The revenue generated by Arbitrum over the past 30 days has also experienced remarkable growth, with a 79.82% increase to reach $11.66 million. 

Furthermore, looking at the fully diluted market capitalization, Arbitrum has witnessed an identical 83.84% rise to reach $20.07 billion. 

Arbitrum’s revenue on an annualized basis has seen a significant boost, surging by 101.67% to reach $141.81 million. This figure represents the projected revenue for a full year based on the current monthly revenue, underscoring the protocol’s sustained growth.

In terms of fees generated, Arbitrum’s 30-day figures have surged by 79.82% to reach $11.66 million, demonstrating the protocol’s ability to capture a significant share of transactional fees within its ecosystem. 

On an annualized basis, fees have soared by 101.67% to reach $141.81 million, further validating the protocol’s revenue growth and economic potential.

Arbitrum

Nevertheless, the protocol’s native token, ARB, is trading at $1.8962, down over 8% in the past 24 hours and below its all-time high (ATH) of $2.11 set on Thursday. Despite this pullback, it is still up 36% over the past 14 days, demonstrating the token’s bullish momentum.

Featured image from Shutterstock, chart from TradingView.com

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Arbitrum (ARB) Maintains Impressive 30% Price Uptrend, Analyst Predicts Breakout Above $2

Arbitrum (ARB), a prominent Layer 2 (L2) protocol, has emerged as one of the top gainers in the past month, experiencing a remarkable surge of 59%. Over the past 7 days, the token has grown substantially over 31%, propelling it to reach a new all-time high (ATH) of $1.8391 on Monday. 

Arbitrum’s Market Capitalization Surges To $2.21 Billion

The impressive price surge of ARB reflects the growing interest in the protocol and its native token within the Layer 2 ecosystem. This surge is evident when examining the data provided by Token Terminal, a leading analytics platform. 

According to Token Terminal’s data, Arbitrum’s market capitalization (circulating) is $2.21 billion, marking a significant increase of 56.18%. 

Additionally, the revenue generated by the protocol over the past 30 days amounts to $11.31 million, representing a substantial surge of 87.74%. 

The fully diluted market capitalization is $17.33 billion, reflecting the market’s positive sentiment toward the protocol’s potential. The revenue on an annual basis reaches $137.63 million, exhibiting an impressive growth of 106.63%.

Moreover, the strong performance of the market indicators, such as the P/F ratio (fully diluted) at 125.95x and the P/S ratio (fully diluted) at 125.95x, indicate robust investor confidence. 

The fees generated by the protocol over the past 30 days amount to $11.31 million, representing a significant increase of 87.74%. Additionally, the annualized fees reached $137.63 million, demonstrating a substantial growth of 106.63%. 

Furthermore, the data reveals that Arbitrum has a strong user base, with an average of 153,3100 active daily users over the past 30 days, highlighting its popularity and adoption. Even more encouraging is that a prominent crypto analyst foresees continued growth in price action for ARB.

Clear Uptrend In ARB Signals Potential Breakout

Renowned crypto analyst Michael van De Poppe has identified a clear and promising uptrend in the cryptocurrency ARB. 

Through his technical analysis, van de Poppe observes that the token has been consistently experiencing “beautiful retests” of previous resistance levels, which have now transformed into strong support zones.

If the current price trajectory continues, Michael van De Poppe suggests that investors should keep an eye on a potential optimal “go-to zone” for ARB between $1.50 and $1.60. 

This zone represents a strategic level where the token may experience a retest before deciding to break the psychological barrier of $2.

It remains to be seen if this prediction will come true and how ARB’s price action will develop through the first half of 2024.

ARB

Featured image from Shutterstock, chart from TradingView.com 

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Arbitrum Network Faces Major Outage, ARB Token Faces 4% Decline

Arbitrum (ARB), a prominent Ethereum scaling solution, encountered a significant downtime event on December 15, according to the network’s status page. 

The incident prompted an immediate investigation into the root cause and the deployment of a fix. As of the time of writing, the Arbitrum One network remained inaccessible for over 60 minutes due to sequencer and feed issues.

Arbitrum Struggles With Network Downtime

The status update from Arbitrum acknowledged the problem, stating that the Arbitrum One Sequencer and Feed stalled at 10:29 AM ET amidst a notable surge in network traffic. 

Notably, Martin Köppelmann, co-founder of Gnosis, alleged that the outage experienced within the Arbitrum network was a result of ordinals. Köppelmann remarked that the stress testing of various blockchains using ordinals had led to the disruption, stating, “Ordinals stress testing various blockchains is certainly entertaining to watch. Now they brought the Arbitrum sequencer down.”

In addition to the sequencer and feed issues, Arbitrum also encountered a halt in block production, ceasing to generate new blocks approximately 1.5 hours ago. The impact of this stoppage on the network’s overall functionality and transaction processing remains a concern for users and stakeholders.

The investigation into the root cause of the downtime is crucial for understanding the underlying technical issues and preventing similar disruptions in the future. Users and industry participants eagerly await the post-mortem analysis from Arbitrum, which will provide a detailed account of the incident and the proposed remedial measures.

ARB Thrives Despite Market Volatility

Over the past 24 hours, the ARB token experienced a decline of 4.94%, reflecting short-term market fluctuations. However, the token has demonstrated relative stability when considering its performance over longer timeframes.

Arbitrum

In the last 180 days, ARB has shown a significant growth of 17.76%, indicating a positive trend for long-term investors.

According to Token Terminal data, Arbitrum currently boasts a circulating market capitalization of $1.49 billion, with a fully diluted market capitalization of $11.69 billion. 

Revenue generated by the project has experienced significant growth over the past 30 days, with a notable increase of 68.00%. The revenue projection on an annualized basis stands at $85.97 million, highlighting the project’s ability to generate sustainable income.

Moreover, Arbitrum has witnessed a rise in active users, with a daily average of 166.37 thousand participants over the past 30 days. This growth in user adoption suggests increasing interest and utilization of the Layer 2 scaling solution.

Featured image from Shutterstock, chart from TradingView.com 

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Token Spotlight And Next Run Predictions: Analyst’s Weekly Altcoins Watchlist Unveiled

Cryptocurrency analyst Miles Deutscher has provided insights into potential altcoin opportunities as the crypto market experiences a sharp correction and many altcoins consolidate after recent gains. Deutscher’s analysis focuses on several altcoins that he believes could be poised for significant upside movement.

BTC, AVAX, And INJ Stand Out Amid Market Correction

Bitcoin (BTC), although not an altcoin but the largest cryptocurrency on the market, is one of the coins Deutscher mentions, noting that it is currently retesting the break of an ascending channel on the daily chart. 

Deutscher suggests that the recent market correction was necessary to flush out over-leveraged positions and sees the price action as reminiscent of previous bull market environments.

Another altcoin that Deutscher highlights is Avalanche (AVAX), which he describes as one of the clear altcoin leaders. Despite the market downturn, AVAX quickly recovered from the dip, and Deutscher expects further continuation. 

Altcoins

However, the analyst points out that the risk-reward ratio for AVAX is diminishing, and suggests considering other rotation plays that have not experienced a significant price appreciation.

Injective Protocol (INJ) is another standout performer mentioned by Deutscher. Despite the broader altcoin market downturn, INJ has remained in the green, showing a 17% increase over the past 24 hours. Deutscher praises INJ’s performance over the past few weeks and suggests accumulating on major pullbacks.

Deutscher also draws attention to Celestia (TIA), a coin that has displayed resilience during the recent market correction. The analyst notes the strong “Solestia” narrative surrounding TIA, with several significant projects set to launch soon, indicating potential insider interest. 

Immutable X (IMX) is highlighted as a leading altcoin in the gaming sector. Deutscher mentions its push towards the next resistance level at $2.60 and emphasizes its strong fundamentals, with over 400 games launching on the platform.

PrimeDAO (PRIME) is one of Deutscher’s top gaming picks. The popularity of their game, Parallel, is growing, and the upcoming Coinbase listing for retail traders is viewed as a significant catalyst. Deutscher suggests that PRIME is currently in price discovery mode, and further upward movement would not be surprising. 

Undervalued Altcoins To Watch

Moving on to altcoins that have not experienced as significant price appreciation, Deutscher mentions Sei Network (SEI) and Sui(SUI). Deutscher suggests that these two altcoins could potentially have their time to shine in the current market conditions.

Near Protocol (NEAR) is another coin that Deutscher believes could have a breakout moment. The analyst notes the lack of significant resistance on the way to $5, indicating the potential for substantial price movement.

Deutscher also discusses Arbitrum (ARB), suggesting that people are considering it as a potential rotation play. Deutscher speculates that the launch of a meme coin and the upcoming Coinbase Futures listing of Arbitrum could attract liquidity and initiate a mini Layer 2 (L2) season.

Altcoins

Within the Solana ecosystem, Deutscher highlights the recent airdrops of Pyth Network (PYTH), Juggernaut (JTO), and Jupiter (JUP). Deutscher mentions the buzz surrounding airdrop farming and suggests that opportunities may still exist within the ecosystem.

Deutscher concludes by mentioning Frax Share (FXS), noting the upcoming halving, the launch of Fraxchain in Q1 2024, and the potential release of frxETH V2. Deutscher believes that FXS is currently undervalued and hints at the possibility of a future airdrop.

Featured image from Shutterstock, chart from TradingView.com 

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Token Spotlight And Next Run Predictions: Analyst’s Weekly Altcoins Watchlist Unveiled

Cryptocurrency analyst Miles Deutscher has provided insights into potential altcoin opportunities as the crypto market experiences a sharp correction and many altcoins consolidate after recent gains. Deutscher’s analysis focuses on several altcoins that he believes could be poised for significant upside movement.

BTC, AVAX, And INJ Stand Out Amid Market Correction

Bitcoin (BTC), although not an altcoin but the largest cryptocurrency on the market, is one of the coins Deutscher mentions, noting that it is currently retesting the break of an ascending channel on the daily chart. 

Deutscher suggests that the recent market correction was necessary to flush out over-leveraged positions and sees the price action as reminiscent of previous bull market environments.

Another altcoin that Deutscher highlights is Avalanche (AVAX), which he describes as one of the clear altcoin leaders. Despite the market downturn, AVAX quickly recovered from the dip, and Deutscher expects further continuation. 

Altcoins

However, the analyst points out that the risk-reward ratio for AVAX is diminishing, and suggests considering other rotation plays that have not experienced a significant price appreciation.

Injective Protocol (INJ) is another standout performer mentioned by Deutscher. Despite the broader altcoin market downturn, INJ has remained in the green, showing a 17% increase over the past 24 hours. Deutscher praises INJ’s performance over the past few weeks and suggests accumulating on major pullbacks.

Deutscher also draws attention to Celestia (TIA), a coin that has displayed resilience during the recent market correction. The analyst notes the strong “Solestia” narrative surrounding TIA, with several significant projects set to launch soon, indicating potential insider interest. 

Immutable X (IMX) is highlighted as a leading altcoin in the gaming sector. Deutscher mentions its push towards the next resistance level at $2.60 and emphasizes its strong fundamentals, with over 400 games launching on the platform.

PrimeDAO (PRIME) is one of Deutscher’s top gaming picks. The popularity of their game, Parallel, is growing, and the upcoming Coinbase listing for retail traders is viewed as a significant catalyst. Deutscher suggests that PRIME is currently in price discovery mode, and further upward movement would not be surprising. 

Undervalued Altcoins To Watch

Moving on to altcoins that have not experienced as significant price appreciation, Deutscher mentions Sei Network (SEI) and Sui(SUI). Deutscher suggests that these two altcoins could potentially have their time to shine in the current market conditions.

Near Protocol (NEAR) is another coin that Deutscher believes could have a breakout moment. The analyst notes the lack of significant resistance on the way to $5, indicating the potential for substantial price movement.

Deutscher also discusses Arbitrum (ARB), suggesting that people are considering it as a potential rotation play. Deutscher speculates that the launch of a meme coin and the upcoming Coinbase Futures listing of Arbitrum could attract liquidity and initiate a mini Layer 2 (L2) season.

Altcoins

Within the Solana ecosystem, Deutscher highlights the recent airdrops of Pyth Network (PYTH), Juggernaut (JTO), and Jupiter (JUP). Deutscher mentions the buzz surrounding airdrop farming and suggests that opportunities may still exist within the ecosystem.

Deutscher concludes by mentioning Frax Share (FXS), noting the upcoming halving, the launch of Fraxchain in Q1 2024, and the potential release of frxETH V2. Deutscher believes that FXS is currently undervalued and hints at the possibility of a future airdrop.

Featured image from Shutterstock, chart from TradingView.com 

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Token Spotlight And Next Run Predictions: Analyst’s Weekly Altcoins Watchlist Unveiled

Cryptocurrency analyst Miles Deutscher has provided insights into potential altcoin opportunities as the crypto market experiences a sharp correction and many altcoins consolidate after recent gains. Deutscher’s analysis focuses on several altcoins that he believes could be poised for significant upside movement.

BTC, AVAX, And INJ Stand Out Amid Market Correction

Bitcoin (BTC), although not an altcoin but the largest cryptocurrency on the market, is one of the coins Deutscher mentions, noting that it is currently retesting the break of an ascending channel on the daily chart. 

Deutscher suggests that the recent market correction was necessary to flush out over-leveraged positions and sees the price action as reminiscent of previous bull market environments.

Another altcoin that Deutscher highlights is Avalanche (AVAX), which he describes as one of the clear altcoin leaders. Despite the market downturn, AVAX quickly recovered from the dip, and Deutscher expects further continuation. 

Altcoins

However, the analyst points out that the risk-reward ratio for AVAX is diminishing, and suggests considering other rotation plays that have not experienced a significant price appreciation.

Injective Protocol (INJ) is another standout performer mentioned by Deutscher. Despite the broader altcoin market downturn, INJ has remained in the green, showing a 17% increase over the past 24 hours. Deutscher praises INJ’s performance over the past few weeks and suggests accumulating on major pullbacks.

Deutscher also draws attention to Celestia (TIA), a coin that has displayed resilience during the recent market correction. The analyst notes the strong “Solestia” narrative surrounding TIA, with several significant projects set to launch soon, indicating potential insider interest. 

Immutable X (IMX) is highlighted as a leading altcoin in the gaming sector. Deutscher mentions its push towards the next resistance level at $2.60 and emphasizes its strong fundamentals, with over 400 games launching on the platform.

PrimeDAO (PRIME) is one of Deutscher’s top gaming picks. The popularity of their game, Parallel, is growing, and the upcoming Coinbase listing for retail traders is viewed as a significant catalyst. Deutscher suggests that PRIME is currently in price discovery mode, and further upward movement would not be surprising. 

Undervalued Altcoins To Watch

Moving on to altcoins that have not experienced as significant price appreciation, Deutscher mentions Sei Network (SEI) and Sui(SUI). Deutscher suggests that these two altcoins could potentially have their time to shine in the current market conditions.

Near Protocol (NEAR) is another coin that Deutscher believes could have a breakout moment. The analyst notes the lack of significant resistance on the way to $5, indicating the potential for substantial price movement.

Deutscher also discusses Arbitrum (ARB), suggesting that people are considering it as a potential rotation play. Deutscher speculates that the launch of a meme coin and the upcoming Coinbase Futures listing of Arbitrum could attract liquidity and initiate a mini Layer 2 (L2) season.

Altcoins

Within the Solana ecosystem, Deutscher highlights the recent airdrops of Pyth Network (PYTH), Juggernaut (JTO), and Jupiter (JUP). Deutscher mentions the buzz surrounding airdrop farming and suggests that opportunities may still exist within the ecosystem.

Deutscher concludes by mentioning Frax Share (FXS), noting the upcoming halving, the launch of Fraxchain in Q1 2024, and the potential release of frxETH V2. Deutscher believes that FXS is currently undervalued and hints at the possibility of a future airdrop.

Featured image from Shutterstock, chart from TradingView.com 

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Trademark Tussle: Trader Joe’s Grocery Slaps Lawsuit On DEX Trading Platform

Trader Joe’s, a well-known supermarket chain in the United States, has taken legal action against a decentralized exchange (DEX) platform named Trader Joe, alleging that it has violated federal trademark laws. 

The DEX platform, which operates under the domain name traderjoexyz.com, not only shares the same name as the supermarket but, according to recent reports, also appears to be trying to leverage the supermarket’s established brand and reputation. 

US Supermarket Giant Locks Horns With Trader Joe DEX

Trader Joe’s has gained popularity in the digital realm by initially launching on the Avalanche (AVAX) network and later expanding its presence to BNB Chain, Arbitrum (ARB), and Ethereum (ETH). 

It currently holds over $77 million worth of tokens across various chains and has processed trades amounting to $25 million in September alone. 

However, its success has been overshadowed by a heated dispute regarding the origin of its brand and allegations of fraudulent attempts to misrepresent its origins.

Trader Joe’s supermarket chain has grown increasingly frustrated by the lack of response to its requests to cease the misuse of its trademark. As a result, the matter has escalated internationally, and a complaint was filed with the World Intellectual Property Organization (WIPO) in May 2022 to force the crypto entity to relinquish its domain name.

Furthermore, recently filed court documents in the US District Court for the Central District of California shed light on the proceedings at WIPO. According to these documents, the defendants presented a false narrative that distorted the true origins of “Trader Joe’s.” 

They claimed that the platform was named after the co-founder’s brother, a claim that Trader Joe’s supermarket chain has vehemently denied.

JOE Token Plummets In Value Amidst Legal Battle

Trader Joe DEX has recently seen notable variations in several critical metrics, with shifts in trading volume, market capitalization, revenue, and total value locked.

Over the past 24 hours, Trader Joe’s experienced a decline of 1.68% in its performance. This short-term dip in value has been reflected in the platform’s seven-day performance, with a 3.85% decrease. 

However, despite these recent setbacks, the DEX has managed to maintain relative stability over 30 days, with a modest decline of 1.04%.

Trader Joe

According to Token Terminal data, one of the most striking figures is the platform’s 180-day performance, which shows a significant drop of 60.82%.

Nevertheless, when considering market capitalization, Trader Joe’s DEX boasts a circulating market cap of $90.84 million, indicating its prominence within the DEX ecosystem. 

Moreover, the platform has shown a positive trend, with a recent increase of 2.26%. Total value locked (TVL) is another crucial metric used to assess the health and popularity of a DEX platform. Despite the recent market fluctuations, Trader Joe DEX continues demonstrating a TVL of $78.66 million. 

However, it experienced a decline of 4.54%, suggesting a potential shift in user participation and liquidity within the platform.

Finally, trading volume, an essential measure of a platform’s activity, has witnessed a significant annualized decrease of 18.45%, amounting to $7.61 billion. This decline in trading volume raises concerns about engagement and participation on the Trader Joe DEX platform.

Featured image from Shutterstock chart from TradingView.com 

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Arbitrum (ARB) Fallout: 70% Price Drop, But These Charts Reveal Its True Value

Arbitrum (ARB) has been making waves in the crypto world as it recently became the 4th largest ecosystem in the market. Despite experiencing a sharp decline of 70% since its airdrop, Arbitrum’s native token has continued to gain attention from investors, currently trading around $1.158, down from $1.1808 on April 18th.

Arbitrum Defies The Odds

According to the Decentralized Finance (DeFi) researcher Deebs, Arbitrum has emerged as a major player in the crypto market, with its Total Value Locked (TVL) soaring to an impressive $2.3 billion. This puts it in 4th position by TVL, surpassing many of its competitors. 

Arbitrum

Additionally, since the launch of Arbitrum, the value of stablecoins has grown by over $500 million in just two months. At its peak, the network’s active user base reached over 600,000, surpassing Optimism (OP), a fast, stable, and scalable L2 blockchain built by Ethereum developers, and nearly overtaking the blockchain platform designed to host decentralized, scalable applications Solana (SOL). 

Despite these impressive metrics, ARB’s price has experienced a significant drop of 70% since its airdrop and has had very little positive price action since. However, DeFi researcher Deebs believes that this dip in price may be a sign of a hidden gem in the crypto market.

One of the main factors that make Arbitrum an attractive investment opportunity is its high TVL, user base, and liquidity. In fact, since its launch, Arbitrum has maintained the highest liquidity of all Layer 2 (L2) networks and is the third highest of all chains on DeFi Llama.

Arbitrum

Furthermore, while many other chains have a market capitalization to TVL ratio above 1, Arbitrum boasts one of the smallest ratios at 0.6. This means that the potential price upside for ARB is significantly higher than its competitors, making it an enticing investment opportunity for those looking for long-term gains.

Additionally, ARB’s technology has been praised for its ability to address some of the key issues facing the crypto industry, such as scalability and high transaction fees. ARB’s use of cutting-edge technology such as Optimistic Rollups provides a solution to these problems, making it an attractive option for investors looking for a reliable network with great potential.

Another positive sign for ARB is the amount of support it has received from major players in the crypto industry. This includes partnerships with well-known crypto projects such as Uniswap, Aave, and Chainlink. These collaborations demonstrate that the industry recognizes the value of ARB’s technology and the potential it holds for the future of decentralized finance.

Overall, despite the recent drop in price, ARB’s strong fundamentals and growing network usage suggest that it is a hidden gem in the crypto market. Its partnerships with major players in the industry, as well as its innovative technology, make it a promising investment opportunity for those looking to capitalize on the potential of decentralized finance.

Arbitrum

Featured image from Unsplash, chart from TradingView.com