Arbitrum (ARB), the Ethereum Layer 2 scaling solution, has experienced a recent price drop, falling below the $2 mark after a brief attempt to establish a new price floor. This decline, attributed to several factors including increased selling pressure and bearish technical indicators, raises questions about the token’s short-term trajectory while highlighting long-term potential. ARB price losing its grip on the $2 handle. Source: Coingecko Related Reading: Bitcoin Wallets Bleed: 730K Investors Exit Despite Record $7 Billion ETF Inflows Selling Spree Triggers Downward Spiral The price decline began with a surge in selling pressure, most notably from Convex Finance. Over the past 24 hours, the DeFi giant offloaded 901,392 ARB tokens, valued at $1.63 million, at an average price of $1.8 per token. This move, representing a profit of over $400,000 since acquiring the tokens in an airdrop last year, triggered a domino effect, with other investors following suit. $ARB price dropped ~9% in the past 24 hours!@ConvexFinance further deteriorates the price by selling 901,392 $ARB ($1.63M) for 559.4 $ETH at ~$1.812 in the past 45 minutes. They received those $ARB from the DAO airdrop in Apr 2023, which wa ..
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