Bitcoin and altcoins are going through tough times. Despite Donald Trump’s strategic Bitcoin reserve plans, BTC has failed to rise and is trading below $80,000.
While the situation is not encouraging for altcoins either, the declines in the last 24 hours reached double digits.
As the market crash continues, Offchain Labs, the research and development team behind Arbitrum, has announced its strategic ARB token acquisition plan.
Ethereum layer-2 network Arbitrum developer Offchain Labs has announced that it has increased its stake in the ecosystem by acquiring ARB tokens for its treasury through a strategic acquisition plan in X.
As part of the plan, Offchain Labs will acquire ARB tokens over time through open market and other transactions based on predefined parameters.
However, the company did not provide exact details on how many ARBs it aims to acquire.
The ARB price has fallen significantly over the past year. At this point, ARB is down 86% from its January 2024 peak of $2.39 and is down 54% since the beginning of the year.
ARB, which has fallen 7.6% in the last 24 hours, continues to trade at around $0.33 at the time of writing.
Despite this price drop, Arbitrum remains one of the top Layer 2 solutions on Ethereum with over $2.3 billion in total locked value.
*This is not investment advice.
