Robinhood Lists Arbitrum (ARB), Spurring a 12% Price Surge
On Wednesday, the U.S.-based trading platform Robinhood (HOOD) announced the listing of the layer 2 network’s native token, Arbitrum (ARB). This news triggered a notable 12% increase in ARB’s market price, which is currently trading at $0.42. This rise follows a challenging period for the token, having recently dipped to an all-time low of $0.35 just a day prior. Additionally, trading volume has seen a boost, increasing by 10% to $400 million within the last 24 hours.
Despite the recent uptick in price, the total value locked (TVL) on the Arbitrum network has remained relatively stable at $2.8 billion. This figure reflects a modest increase from $2.5 billion at the beginning of November, as reported by DefiLlama. However, this apparent stability has not translated into a positive trend for ARB’s price, which remains a staggering 82% lower than its peak of $2.41 reached earlier in 2024.
One of the contributing factors to this price decline can be attributed to token emissions. Since March 2024, the circulating supply of ARB has surged from 1.5 billion to 4.4 billion tokens. This increase in supply has kept the market capitalization relatively stable, as market cap is calculated by multiplying the circulating supply by the asset’s price.
ARB is not alone in its listing on Robinhood; it joins a roster of other notable cryptocurrencies including XRP, Shiba Inu (SHIB), and Bonk (BONK). These tokens also experienced gains on Wednesday, with price increases ranging between 4.5% and 7%. However, ARB’s more pronounced rise may be attributed to its status as the leading layer-2 network in terms of total value secured (TVS) and user operations per second (UOPS), according to L2Beat.
In contrast, XRP has found itself in a less favorable position despite being highlighted in Donald Trump’s U.S. strategic reserve plans. Currently, XRP has only $80 million locked in its single XRPL decentralized exchange. Meanwhile, SHIB and BONK, both of which cater to retail investors as memecoins, continue to capture attention in the market.
