Can Arbitrum (ARB) Price Bounce Back from Recent Rug Pull Fiasco?

Jun 29, 2023 7:30 AM

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

Read Disclaimer

This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.

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.

Continue reading on Beincrypto.com