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Arbitrum (ARB) Price: Robinhood Partnership Rumors Send Token Soaring 46%
A dramatic surge of nearly 46% in the past day has propelled Arbitrum’s token price to $0.35, with market capitalization exceeding $1.7 billion. This sudden increase coincides with speculation surrounding an imminent partnership between Robinhood Markets and the Ethereum-based layer-2 solution.
Robinhood, a popular trading platform, announced that key executives will participate in a fireside chat at a Cannes event on Monday. Notably, Arbitrum’s Offchain Labs is responsible for governing the ecosystem. This has sparked heated discussions among market participants about potential collaborations or integrations with Robinhood.
The recent selection by Gemini, a crypto exchange, to utilize Arbitrum as its settlement layer for tokenized shares of MicroStrategy stock further fuels these rumors. The inclusion in such a significant and popular platform raises the stakes for this partnership.
Market Activity
Trading volume has skyrocketed by over 450% within the last day, with daily spot trading activity reaching $658 million according to data from CoinGecko. This extraordinary surge coincides with the speculation surrounding the potential collaboration.
The chart below illustrates the token’s technical analysis:
A close above the wedge resistance would confirm a reversal of the long-term downtrend and signal further upside momentum.
Source: TradingView
On-chain indicators also support this positive price action, demonstrating an increase in daily active addresses on the Arbitrum network, suggesting enhanced user engagement. This growth in activity is accompanied by shifting social sentiment from negative to positive, which historically precedes prolonged price rallies.
Source: coincentral.com
