ARB rose to $0.112 over the past 24 hours, posting a 30% daily gain. This rally is linked to increased activity on Robinhood Chain, powered by Arbitrum, with higher on-chain fee revenue prompting the market to reassess ARB’s ecosystem value.
Robinhood Chain transaction fees exceed $1 million
Robinhood Chain's recent transaction fees have exceeded $1 million. As this chain utilizes Arbitrum technology, the associated business growth is seen as a direct benefit to the Arbitrum ecosystem.
Under the current revenue-sharing model, 10% of Robinhood Chain's net revenue will flow to the Arbitrum ecosystem. This means that as on-chain usage grows, the financial support received by Arbitrum will expand accordingly.
Short covering amplifies short-term price gains.
In addition to fundamental catalysts, short covering in the derivatives market amplified ARB’s price rally. Data shows that ARB’s open interest has risen to $88.1 million, indicating a significant increase in short-term trading capital.
During rapid price uptrends, short sellers covering their positions often further push up the price, which is one of the reasons for the swift recovery in this cycle.
Faces resistance near $0.12
However, ARB still faces resistance near $0.12 in the short term. If buying pressure lacks sustainability, the price may slow down at this level.
Additionally, the token unlock on September 23 is also a point of market focus. The increased circulating supply may exert some selling pressure on the price, becoming a variable in subsequent price movements.