Arbitrum’s ARB Token Enters Top 40 Coins List as per CoinMarketCap

• As of this writing CMC ranked it as the 37th biggest digital asset by market valuation.
• $2.5 billion worth of ARB tokens have changed hands in the previous day.

After the recent airdrop, the price of Arbitrum’s native ARB was highly volatile, eventually settling within the top 40 most valuable cryptocurrencies. After the project released the much-anticipated token to users of the Ethereum scaling network, as of this writing CMC ranked it as the 37th biggest digital asset by market valuation.

Moreover, Dune has compiled public blockchain statistics showing that 81 percent of the tokens have already been claimed and that $2.5 billion worth of ARB tokens have changed hands in the previous day.

According to statistics provided by CMC, the price of ARB has increased by 8% in the last 24 hours, to $1.31 at the time of writing. On March 23, ARB reached an all-time high of $11.80 for a short period of time. But, that high didn’t last long, and the price has been reasonably stable ever since the decline.

Rising Popularity Among DeFi Traders

Arbitrum is an Ethereum network scalability solution. In order to reduce the cost and increase the speed of utilizing Ethereum’s blockchain, transactions will be settled on a separate chain and then reported back to the main chain. In the realm of decentralized finance (DeFi), this is helpful for those who wish to make speedy deals.

Last month, the Arbitrum team announced the upcoming release of the ARB governance token, which would provide token holders the right to vote on and propose network modifications. Current data from analytics site DeFi Llama reveals that almost $2.11 billion worth of tokens is locked up inside Arbitrum’s smart contracts, indicating its popularity among DeFi traders.