ARB Token Slides 8.8% After Robinhood Blockchain News Surge, 199M Tokens Traded on Binance

ARBUSDT experienced an 8.80% price decline over the last 24 hours, currently trading at $0.3273 on Binance, with a 24-hour open of $0.3589. The recent price drop follows a period of heightened volatility, which included a sharp rally driven by speculation of a potential partnership between Arbitrum and Robinhood, as well as large ARB token transfers to major market makers and exchanges. The initial surge was fueled by Robinhood's announcement of a blockchain initiative using Arbitrum's technology and participation from key industry figures, leading to increased trading activity and a spike in volume. However, after the price was rejected at a resistance level and amid broader market corrections, ARB saw a reversal and subsequent decline. Current trading volume remains high, with Binance reporting approximately 199.25 million ARB traded in the last 24 hours, and Arbitrum's market capitalization stands at around $1.62 billion, with a circulating supply of 5 billion ARB tokens.