Arbitrum (ARB) Price and the Potential Impact of Post.Tech Launch
The price of Arbitrum (ARB) has experienced a 14% drop this month, falling from $0.95 to $0.82. However, the recent launch of Post.Tech could potentially reverse this trend. On-chain analysis suggests that the growing interest in the SocialFi trend could drive the price of Arbitrum.
What Is Post.Tech?
Post.Tech is a Web3 social network built on the Arbitrum network and is a fork of the Friend.Tech SocialFi protocol. Similar to Friend.Tech, Post.Tech allows users to monetize their social media profiles and earn income from digital interactions. The SocialFi sector has gained significant attention from cryptocurrency investors, with a market capitalization exceeding $1 billion.
SocialFi is Drawing Traction to the Arbitrum Network
The launch of Post.Tech has led to a notable increase in new wallet addresses on the Arbitrum network. This surge in activity indicates growing adoption and potential demand for ARB tokens. The network growth has reached monthly peaks not seen since August 17, with 3,589 and 3,837 new wallet addresses recorded on September 19 and 20, respectively.
ARB Price Prediction: The Bulls Could Reclaim $1
The increase in network growth could drive the price of Arbitrum toward reclaiming $1. Analysis of Global In/Out of Money Around Price (GIOM) data suggests that if ARB surpasses the initial resistance at $0.86, it could rally towards $1.20. However, there is a major obstacle at 59,170 addresses that bought 1.26 billion ETH at an average price of $1.12.
Hot Take: Post.Tech Launch and its Potential Impact on ARB Price
The launch of Post.Tech on the Arbitrum network has generated significant traction, leading to a surge in new wallet addresses and increasing network growth. With the SocialFi sector gaining attention and the potential for monetizing social media profiles, there is optimism that the price of ARB could rally in the coming weeks. If adoption intensifies, ARB may even reach $1.20. However, if the price drops below $0.70, the bears could take control.
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