Arbitrum Reacts Positively to FalconX Network’s $ARB Purchase
CoinEdition
Published Mar 29, 2023 07:35AM ET
Updated Mar 29, 2023 08:00AM ET
Arbitrum Reacts Positively to FalconX Network’s $ARB Purchase
- FalconX network has purchased Arbitrum tokens worth $1.65M from Binance.
- Arbitrum’s native token has surged over 10% amid the report.
- The retention rates of Arbitrum’s native applications were higher than those of Optimism.
Arbitrum, the Layer 2 scaling solution for Ethereum, has seen a surge in the price of its native token, $ARB, following reports by Lookonchain that a major institution has bought a significant amount of it from Binance.
According to reports, FalconX, a digital asset trading platform, purchased 1.65 million $ARB tokens, worth around $2.06 million, from Binance earlier today.
Messari’s accompanying charts also show that the retention rates of Arbitrum’s native applications were higher than those of Optimism, another L2 scaling solution. Specifically, Arbitrum outperformed Optimism in ecosystem benchmark and network application coverage areas.
Further, according to market watchers, the purchase of such a large amount of $ARB tokens by a major institution like FalconX is a strong signal of the growing interest in the network and its potential for future growth. Crypto proponents also believe this has led to speculation that other institutions may follow suit and invest in $ARB tokens, further driving up the price.
The post Arbitrum Reacts Positively to FalconX Network’s $ARB Purchase appeared first on Coin Edition.
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