Home / Price Predictions / Arbitrum Price Prediction 2024: Square Enix Moves to Layer 2 for NFTs, What Next for ARB?

Arbitrum Price Prediction 2024: Square Enix Moves to Layer 2 for NFTs, What Next for ARB?

Last Updated 7 days ago
Peter Henn
Last Updated 7 days ago

Key Takeaways

  • The Arbitrum layer 2 scaling solution is designed to make working with Ethereum easier.
  • Its native token, ARB, came out in March last year.
  • ARB dropped 35% after a token unlock.
  • One Arbitrum price prediction says it can reach $3.10 by 2025.

One of the most highly-anticipated crypto projects of recent years was Arbitrum. This platform is designed to make working with Ethereum (ETH) quicker and cheaper and its native token, ARB, launched to some fanfare in 2023. 

Since then, things may not have gone quite as smoothly as some might have hoped for ARB. 

On September 11, 2023, following a notable sell-off, it sank to an all-time low. Investors will be hoping that its much-touted mainnet will arrive soon and will help boost the price.

In June, the confirmation  that The Graph, an information protocol, was starting its transition to Arbitrum gave it something of a second wind. The news came at a time when the overall crypto market was reeling from the news that the United States Securities and Exchange Commission (SEC) was suing the Binance and Coinbase crypto exchanges. 

In March, Arbitrum unlocked $2.2 billion worth of ARB, causing a drop of around 35%.

Now, the news about Square Enix, the creator of Final Fantasy, transitioning  the next NFT character mint for its Symbiogenesis PR blockchain game to Arbitrum may boost the sentiment over ARB.

On June 6, 2024, ARB was worth about $1.11.

Arbitrum did not respond to a request for comment.

But what is Arbitrum (ARB)? How does Arbitrum work? Let’s see what we can find out and also examine some of the Arbitrum price predictions that were being made as of June 6, 2024. 

Arbitrum Price Prediction 

Let’s examine some of the Arbitrum price predictions being made on June 6. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.

2024 2025 2030
Prediction #1 $1.65 $2.41 $16.33
Prediction #2 $1.99 $3.10 $8.62
Prediction #3 $1.66 $2.57 $18

First, CoinCodex  made a short-term Arbitrum price prediction which said that things would get better. It predicted the token would climb to $1.44 on June 13 before shooting to $3.62 on July 5. The site’s technical analysis was, despite that, bearish, with 20 indicators sending discouraging signals and seven making bullish ones. 

Arbitrum Price Prediction for 2024

PricePrediction.net  saw cautious growth, with it reaching an average of $1.65 this year. Bitnation  was more bullish, saying it would get to about $1.99. Changelly , meanwhile, was somewhere in the middle with its ARB price prediction, saying it would trade at $1.66 in 2024. 

Arbitrum Price Prediction for 2025

Moving on, PricePrediction.net said ARB would hit $2.41 next year.  Bitnation claimed it would stand at $3.10 then. Changelly thought it could reach $2.57 in 2025. 

Arbitrum Price Prediction for 2030

When it came to making a long-term Arbitrum price prediction, Bitnation argued the token could reach $8.62 in 2030. Both Changelly and PricePrediction.net were even more optimistic, with the first saying that it could trade at $18 and the latter stating it could get $16.33 at the start of the next decade. 

Google BardAI Price Prediction for Arbitrum (as of June 6)

Google’s BardAI platform gave the following price prediction for Arbitrum on June 6. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligence price predictions are predicated on past performances and are in no way entirely accurate.

Short Term (Next three months)

  • Expected price: $3.67
  • Factors to Consider:
    • Overall crypto market sentiment: If the general sentiment towards cryptocurrency is positive, it could buoy Arbitrum’s price. Conversely, a bearish market could lead to a decline.
    • Adoption of Arbitrum: Increased use of the Arbitrum network for decentralized applications (dApps) could drive demand for the ARB token.
    • Developments on the Arbitrum platform: New features or partnerships could also impact the price.

Medium Term (Next six months)

  • Expected price: $2
  • Reasons:
    • Overall Cryptocurrency Market Trends: The price of Arbitrum is likely to be influenced by the broader cryptocurrency market. If the market is bullish, Arbitrum could see its price increase. Conversely, a bearish market could lead to a decrease in price.
    • Adoption and Development: The growth of the Arbitrum ecosystem, including the number of DeFi applications built on it and the number of users transacting on the network, could drive the price up.
    • Regulations: Regulatory developments from governments around the world could impact the price of Arbitrum.

Long Term (Next five years)

  • Expected price: $7.52
  • Reasons:
    • Overall market trends: The health of the overall cryptocurrency market will significantly impact Arbitrum’s price. If the crypto market experiences a bull run, Arbitrum is likely to rise as well. Conversely, a bear market could see Arbitrum’s price drop.
    • Adoption of Arbitrum: Increased adoption of Arbitrum by developers and users will drive demand for the token, potentially pushing the price up.
    • Developments on the Arbitrum network: New features, partnerships, and integrations on the Arbitrum network could boost investor confidence and lead to a price increase.
    • Regulations: Government regulations on cryptocurrencies could create uncertainty and negatively impact the price of Arbitrum.

Recent Updates from Arbitrum

Arbitrum announced  Native Lend is now live on its platform. It said: “This launch aims to brings enhanced liquidity, pricings, and overall user experience within a robust ecosystem.”

ARB Price History

It’s now time to cast our eyes over the, albeit short, Arbitrum price history . Although past performance should never be taken as an indicator of future results, knowing what the token has done in the few months that it has been on the open market can help give us some very useful context if we want to either interpret or make an Arbitrum price prediction. 

ARB price history
ARB price in 2023 and 2024. | Credit: CoinMarketCap

When ARB first came onto the open market on 23 March 2023, it was worth $1.32. This price was quickly seen as a serious overvaluation and the price collapsed to $1.33, leaving its opening mark as its all-time high.

After that, the token experienced peaks and troughs, generally operating somewhere between $1.10 and $1.30, until the middle of April, when it shot up to reach a high of $1.73. Following that, the price fell down and, by early May, it was worth less than $1.10. 

The price mainly operated between $1 and $1.10 until early June, when the fallout of the SEC’s lawsuits saw it fall below the dollar on its way to then-record low of $0.9142 on 15 June.

There was some recovery after that. The token went back past the dollar a few days after. On July 17, as the market grew after an American court ruled Ripple’s XRP crypto was not a security if it was being traded on exchanges, ARB hit $1.34.

The price of Arbitrum then dropped, and the fall became a crash in the middle of August. On 17 August the market tanked following the news that Elon Musk’s SpaceX had sold millions of dollars worth of Bitcoin (BTC) and ARB fell below the dollar.

Things got even worse over the following weeks. On September 11, it reached an all-time low of $0.7453.

The token recocvered over the coming months and it closed the year at $1.55.

Arbitrum in 2024

ARB started the year well and, on January 13, it was worth about $2.39. It was still trading at $2.25 on March 13, but a slump over the following week saw it drop to around $1.65 on March 20.

The coin had a negative April and also declined in May, only regaining a bit of value in late May. On June 6, 2024, it’s worth $1.11.

At that time, there were 2.90 billion ARB in circulation, out of a total supply of 10 billion. This gave the token a market cap of around $3.21 billion, making it the 36th largest crypto by that metric.

Arbitrum Historical Price Data

Period Arbitrum Price
Today (June 6, 2024) $1.11
Last Week (May 28, 2024) $1.1211
Last Month (May 6, 2024) $1.0737
Three Months Ago (March 6, 2024) $1.9698
Last Year (June 6, 2023) $1.1262
Launch Price (March 23, 2023) $1.3254
All-Time High (January 12, 2024) $2.2640
All-Time Low (September 12, 2023) $0.7611

Arbitrum Price Analysis

Arbitrum Price Analysis
Arbitrum could break past $3 | Credit: Nikola Lazic/TradingView

On April 13, ARB stabilized at $1 after briefly dipping to $0.90. It then rallied to $1.20 by April 22, only to drop to $0.90. This downward movement from March 13 shaped a descending channel, which was broken on May 5.

The daily chart’s RSI dropped into oversold territory at 30% on May 14, suggesting a potential bottom. Meanwhile, the MACD displayed a bullish divergence as it contrasted the declining price with rising moving averages, indicating a possible reversal.

The price concluded its five-wave drop from March, signaling the potential start of a new uptrend’s first sub-wave. A move above the $1.20 level would be an early indicator of this shift, followed by a higher low during the second wave’s retracement.

Following these indicators, an advance towards a $1.40 target, marking the next significant resistance level, is plausible. If this plays out, it would mean ARB made its first five-wave impulse, starting a larger uptrend that could bring its price above $3 on its next advancement.

Is Arbitrum a Good Investment?

It is perhaps a little too soon to tell. Arbitrum has dropped last year only, but it is always possible that things could recover. A lot will depend on any updates to the system’s mainnet proposals.

The new about integrating a famous NFT character of a Square Enix’s videogame may be a boost for the coin.

As always with crypto, you will have to do your own research before deciding whether or not to invest in ARB.

Will Arbitrum go up or down?

No one can really tell right now. While the forecasts are, on the whole, positive, remember that crypto price predictions have a well-earned reputation for being wrong. You should also understand that prices can, and do, go down as well as up. 

Should I invest in Arbitrum?

Before you decide whether or not to invest in Arbitrum, you will have to do your own research, not only on ARB but on other, similar, tokens, such as Polygon (MATIC). Ultimately, though, this is a decision you will have to make for yourself. Just remember to never invest more money than you can afford to lose. 

Who are the Founders of Arbitrum?

New York-based software development company Offchain Labs created Arbitrum. Offchain is the brainchild of computer experts Steven Goldfelder, Ed Felten – former President Barack Obama’s deputy CTO – and Harry Kalodner. 

Who Owns the Most Arbitrum (ARB) Tokens?

On June 6, 2024, one wallet owned 5.95% of Arbitrum’s supply.

Richest ARB Wallet Addresses

As of June 6, 2024, the five wallets with the most Arbitrum were:

  • 0x6cc5f688a315f3dc28a7781717a9a798a59fda7b. This wallet held 3,196,097 ARB, or 5.95% of the supply.
  • 0xf7a5159085722718dc1276de5979df468975ec11. This wallet held 1,956,359 ARB, or 3.64% of the supply.
  • 0xce27283c276f4aa7a7e302b24bfea7668e264877. This wallet held 1,343,426 ARB, or 2.50% of the supply.
  • 0x2ed6c4b5da6378c7897ac67ba9e43102feb694ee. This wallet held 1,218,627 ARB, or 2.27% of the supply.
  • 0xb8cbbf78c7ad1cdf4ca0e111b35491f3bfe027ac. This wallet held 867,500 ARB, or 1.62% of the supply.

Fact Box

Supply and distribution Figures
Total supply 10,000,000,000
Circulating supply (As of June 6, 2024) 2,896,440,329 (28.96% of total supply)
Holder distribution Top 10 holders owned 23% of total supply as of June 6, 2024

From the Whitepaper

In its technical documentation, or whitepaper , Arbitrum says it aims to make Ethereum work better for developers.

It says: “Arbitrum is a protocol that makes Ethereum transactions faster and cheaper. Developers use Arbitrum to build user-friendly decentralized apps (dApps) that can take advantage of the scalability benefits of the Arbitrum Rollup and AnyTrust protocols.”

Arbitrum (ARB) Explained

Although Ethereum is one of crypto’s biggest success stories, it has not been without its problems. One of the major issues which has caused people problems is how slow the system has been. The September 2022 transition to a Proof-of-Stake consensus mechanism was designed to deal with that. However, there are still concerns about the system still being slower than other networks.

As a result, the market for layer 2 scaling solutions, programs that take a transaction off a blockchain, carry it out, and put it back, has not gone away.

Arbitrum , which launched last year, is just one of the many layer 2 scaling solutions out there. Its native token is ARB, which launched in March 2023.

How Arbitrum Works

Arbitrum uses something called optimistic rollups to take things off Ethereum and carry them out on the network. These programs work with smart contracts, computer programs that automatically execute when certain conditions are met, to help validate transactions.

The idea is that doing so helps the platform work quicker which, in turn, saves its users money. They assume that every transaction is valid and only verify them if a fraud-proof is submitted.

People who hold ARB are able to vote on proposals regarding the future of the Arbitrum network. Meanwhile, the crypto can be bought, sold, and traded on exchanges. 

Because ARB is based on Ethereum, it is a token, rather than a coin. You might see references to such things as an Arbitrum coin price prediction, but these are, very often, wrong. 

Arbitrum Attention Tracker

Arbitrum Google search volume
Arbitrum Google search volume. | Credit: Google

Here is a chart for Arbitrum Google search volume for the past 90 days. This represents how many times the term “Arbitrum” has been Googled over the previous 90 days.

FAQs 

How many Arbitrum are there?

As of June 6, 2024, there were 2.90 billion ARB in circulation, out of a total supply of 10 billion.

Will Arbitrum reach $10?

It could do. Bitnation says it will break past $10 in 2028. Meanwhile, PricePrediction.net and Changelly see it happening in 2029.

It is worth noting that ARB’s opening price was more than $10, but it fell from this mark within 24 hours of being released onto the open market. 

What is Arbitrum used for?

ARB is the governance token for the Arbitrum layer 2 scaling solution. This means that holders can vote on changes to the network. People can also buy, sell, and trade in on exchanges. 

Disclaimer 

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.