Ethereum scaling solution Arbitrum #ARB also recorded a substantial increase in price, going up by 38%, possibly because of accumulation by Arbitrum whales and increased market share.
Whales — an industry term for large holders of tokens — bought large amounts of ARB over the latest week.
Arbitrum also experienced better performance across the board than Optimism, another scaling solution, and gained some of Optimism's market share, according to crypto research firm Messari.
Arbitrum is a Layer-2 scaling solution for Ethereum that provides better performance for users. Layer-2 networks sit on top of the first network, leading to cheaper and faster transactions. Arbitrum is changing hands at around $1.63 and was trading at $1.18 last week.
Sources:
CoinMarketCap. "Arbitrum Price"
Twitter. Lookonchain. "A Smart Whale Bought…Profit Exceeds $7.3M".
Messari. "Arbitrum Goes Into Arbitration".
