Leading Ethereum layer-2 scaling solution Arbitrum (ARB) is continuing a bleak downside slide following rejection from the upper trendline – leaving some dejected bag-holders asking ‘Is Arbitrum Going to Zero?’.
This comes following the formal end of the Arbitrum airdrop claim, which saw a whopping 69.4 million unclaimed (accounting for 0.69% of ARB’s total supply of 10 billion tokens).
The unclaimed tokens – valued at $56m – were transferred to the Arbitrum DAO on September 24.
With the airdrop now over, all eyes have shifted to Post.Tech – an Arbitrum-based SocialFi platform to rival popular ERC-20 Friend.Tech – in a move expected to catalyze significant growth for ARB’s total-value locked in a similar style to Stars Arena on AVAX.
ARB Price Analysis: Is Arbitrum Going to Zero as Post.Tech SocialFi Fails to Stimulate Breakout
As Arbitrum price action continues to slide, ARB is currently trading at a market price of $0.88 (representing a 24-hour change -0.26%).
This comes as price rejects -10% from upper trendline resistance in a tumble back down to the 20DMA (currently stood at $0.85).
While price action is in retracement, support appears to be well-defended at the 20DMA – and this is likely to limit further downside on the short-time frame.
And significantly, the retracement move down to 20DMA support has improved technical indicator readings – with the RSI cooling off substantially to a neutral signal at 50.25.
This could suggest that price is now primed to press to the upside once more, a view reinforced by the MACD which is displaying bullish divergence at 0.0103.
Overall, this leaves Arbitrum in surprisingly strong form in face of downside price action, with conditions building for a timely bounce on the chart.
To the upside, a bounce would see ARB targeting higher support at $0.9375 (a possible +6.43%).
While downside risk from here is limited by the 20DMA at $0.85 (a potential -3.51%).
Arbitrum’s risk: reward ratio is therefore 1.83 – a reasonably good entry that certainly means that Arbitrum is not going to zero.
But while bag-holders are enduring the ARB retracement, smart money are flocking into an emerging meme coin presale aiming to stimulate significant growth through intra-community tribalism.
Meet Meme Kombat: Community Battles Meme Coin Races to +$350k Raised
Meet Meme Kombat, a trailblazing initiative that has seamlessly blended the memetic love of nostalgic gaming, and GambleFi, into a decentralized Web3 platform.
So, what makes Meme Kombat tick, and why should potential investors keep a keen eye on this presale?
The essence of Meme Kombat lies in its captivating arena where characters aiming to tap into deeply tribal crypto communities lock horns.
Players have the liberty to place their bets on these animated battles, predicting the outcomes and possibly reaping attractive rewards.
With a sturdy promise of Season 1 showcasing 11 distinct meme characters, there’s no shortage of action, and Season 2 is already on the horizon for December 2023.
The decentralized nature of the project, combined with the thrill of AI-driven battles, ensures that the outcomes are both transparent and unpredictable – every battle is a new experience, ensuring players stay engaged.
GambleFi Revolution? Meme Kombat Gamifies Staking, Rewards, and More
The project isn’t just about excitement; it’s built on a foundation of trust – Meme Kombat’s commitment to transparency is evident through initiatives like the impending security audit of their smart contract.
The findings of this audit will soon be public, a move that many projects shy away from.
The founder and project lead, Matt Whiteman, isn’t an unknown entity in the crypto space.
His experience spanning two decades in process design, combined with his position as the COO of North Technologies, adds credibility to Meme Kombat.
When so many projects hide behind the veil of anonymity, Whiteman’s open profile and the project’s physical address in Amsterdam offer an extra layer of trustworthiness.
The tokenomics of Meme Kombat is also an appealing factor for potential investors – Stake the Meme Kombat ($MK) token, priced attractively at $1.667, and dive into a rewarding ecosystem.
With a generous APY of 112%, stakers not only benefit from passive income but can also use their staked tokens to place bets in the arena – this dual functionality – earning while gaming – sets Meme Kombat apart.
Intriguingly, engagement on the platform directly influences the income one can earn, so, the more you participate, the more you stand to gain.
With the GambleFi industry booming following coins like Rollbit, Meme Kombat seems poised to tap into this lucrative market with its innovative approach.
By merging memes, gaming, and blockchain, the platform is presenting something fresh to the crypto community.
For those looking to diversify their portfolio with a unique offering, Meme Kombat seems like an opportunity too good to miss – so, don’t be left behind (stay tuned with the MK Telegram).
Embrace the future of meme-based gaming and betting with Meme Kombat.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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