Arbitrum (ARB) Price Crashes 10% After Chibi Finance Rug Pull
On Wednesday, the price of Arbitrum (ARB) dropped by 10% following the theft of $1 million worth of user funds by developers of the Abirtrum-based DeFi project, Chibi Finance. The ARB community is uncertain about the future recovery of the price as on-chain data sends mixed signals.
- Chibi Finance devs stole $1 million of user funds in a rug pull
- Arbitrum Network Growth has declined by 35%
- Market sentiment remains neutral, but trending upward
- Arbitrum’s price may consolidate above $1 in the coming days
- The bulls can regroup around $1.10 support level
- If the bearish momentum strengthens, ARB may drop to $1
- USDC launch on Arbitrum network could impact price positively
- Resistance at $1.20 must be smashed for ARB to reach $1.50 target
Hot Take: The recent rug pull and decline in network growth have affected Arbitrum’s price, but the market sentiment is still neutral. It is too soon to predict if the price will recover in the coming days. However, if the bulls regroup and overcome resistance levels, ARB could reach $1.50 in Q2 2023.