Arbitrum Rallies 34% in 2 Days

On April 13th, the price of Arbitrum's native governance token, ARB, experienced a sudden surge, with its value rising from a low of $1.17 to a high of $1.50, resulting in a large green candlestick on the price chart. Binance, a popular cryptocurrency exchange, announced that it will launch trading for the ARB/RUB trading pairs on April 14th at 8:00 a.m. UTC, which will increase the token's exposure and trading volume.

Arbitrum is the fourth-largest DeFi blockchain with $2.26 billion in total locked value (TVL), according to DefiLlama. ARB is the governance token of Arbitrum, which is an Ethereum scaling solution. As of writing, ARB had risen by 11.82% in the past 24 hours to trade at $1.33. In the last seven days, the token has risen by 10.96%.

In March, the Arbitrum Foundation announced the launch of DAO governance for the Arbitrum One and Arbitrum Nova networks, as well as an airdrop of its native governance token, ARB. The foundation distributed 12.75% of the ARB community allocation through an airdrop on March 23. The foundation submitted two proposals to limit its power and increase the power of community members after receiving backlash for transferring 750 million ARB tokens to one of its wallets without community consent.

The foundation stated in a tweet on April 5 that it will not transfer the 700,000,000 ARB tokens in its "Administrative Budget Wallet" until the community agrees to an acceptable budget for the amount.