Crypto This Week: Arbitrum Price Skyrockets as Whales Increase ARB Holdings!
What Happened in the Crypto Industry & NOBI During the Past Week?
Hello, NOBI’s! Whale Arbitrum is intensifying its accumulation of ARB, causing its price to skyrocket. The number of crypto investors in Indonesia continues to grow, reaching 17.25 million people as of April 2023. Santiment reveals that XRP, ADA, and SHIB are still undervalued. Is this a sign that their prices are ready to surge? Check out our special crypto news roundup of the past week!
1. Arbitrum Price Skyrockets as Whales Increase ARB Holdings!
Arbitrum (ARB) price skyrocketed after a well-known DeFi whale decided to accumulate the token. On June 2, the price of Arbitrum surged alongside other top cryptocurrencies following the decision of the United States Senate to raise their debt limit.
A renowned trader named Andrew Kang made a surprising move. He deposited $1 million in stablecoin into the Arbitrum pool and then massively bought RDNT, the token of the Radiant Capital platform. Afterward, he exchanged the newly purchased RDNT for ARB worth $867,000. Now, the question remains whether the price recovery of ARB can sustain. Let’s keep an eye on it!
2. Rapid Growth! Number of Crypto Investors in Indonesia Rises to 17.25 Million in April 2023
The number of crypto investors in Indonesia has consistently increased, reaching 17.25 million people as of April 2023. This marks an increase of 11,000 individuals or a 0.64% rise compared to the previous month. On an annual basis, there has been an increase of approximately 3.52 million people or 25.64% compared to the previous year.
Although the growth of crypto investors in Indonesia has experienced some slowdown, April 2023 recorded a growth rate of 7.52%, which is the highest growth rate in the past year. However, the monthly percentage of new investors has been declining since October 2022. On the other hand, the value of crypto transactions has also decreased. In April 2023, the transaction value reached IDR 10.77 trillion, a decrease of 14.15% compared to the previous month and 70.82% compared to the previous year.
Nevertheless, experts and industry players remain optimistic about the development of crypto investment in Indonesia. They see increasing interest from the public and broader adoption of crypto trading platforms. Bappebti (Indonesia’s Commodity Futures Trading Regulatory Agency) is also improving regulations related to crypto to prepare for its future growth. With adequate understanding and education, it is expected that the crypto asset industry in Indonesia can continue to grow with quality investors and sound business strategies.
3. Santiment Indicates XRP, ADA, and SHIB Still Undervalued, Signaling Potential Price Surge?
According to crypto analytics platform Santiment, several major altcoins such as XRP, Cardano (ADA), and Shiba Inu (SHIB) are still considered “undervalued” or undervalued in terms of their value. Santiment sees potential future growth based on the market capitalization of these altcoins.
In addition to the above-mentioned altcoins, there are several other altcoins that made Santiment’s undervalued list. These include DOGE, MATIC, UNI, and LINK. By analyzing their market capitalization in the short, medium, and long term, Santiment predicts that these altcoins have the potential for significant progress during the summer season.
In the past 14 days, XRP has already seen a 15.2% increase, thanks to anticipation of the legal settlement between Ripple and the SEC. Meanwhile, ADA token has also experienced a 1.3% increase, with a market capitalization of $13.1 billion. Lastly, Shiba Inu (SHIB), known for its meme-inspired branding and token burning process, has seen a 3.30% decrease in the past seven days. Are you ready to buy these three altcoins before their prices skyrocket?
4. Expanding Investment Horizons, Tether Injects Funds into Volcano Energy Project in El Salvador
Tether, the largest stablecoin issuer based on market capitalization (USDT), has announced its investment in a Bitcoin mining operation in El Salvador called “Volcano Energy.” Prior to this, Tether has also announced sustainable mining projects in Uruguay and investments in a payment processing company based in Georgia.
The funds obtained by Volcano Energy will be used to build a 241-megawatt renewable energy mining facility in Metapán, El Salvador. This data center will utilize solar photovoltaic and wind power to support the company’s operations. Tether and Volcano Energy hope that sustainable Bitcoin mining will see significant growth in the coming years.
Paolo Ardoino, CTO of Tether, stated that Volcano Energy is one of the most innovative and strategic initiatives they have invested in, and they look forward to collaborating with Josue Lopez and his team to make El Salvador a global force in renewable energy production.
5. Study Reveals 41% Surge in Crypto AI-Related Profits since ChatGPT Launch
A recent study conducted by the Blockchain Research Lab in Hamburg, Germany, has revealed that the introduction of OpenAI’s ChatGPT has had a positive impact on cryptocurrencies associated with artificial intelligence (AI). Despite the bearish market conditions and investor aversion to risk, the launch of ChatGPT led to an average price increase of 10.7% to 35.5% within one to two months.
The research findings indicate that media trends, marketing efforts, and public sentiment have contributed to the surge in prices of AI-related crypto assets. Investors perceive these assets as having significant potential and value following the launch of ChatGPT.
Additionally, the study suggests that institutional investors reallocating their funds towards major AI projects may have played a substantial role in driving retail investors to follow suit and invest in AI-related cryptocurrencies.
That wraps up for Crypto This Week. We’ll see you at the next one!