$XRP is gaining some traction on the market following Ripple's success in court and euphoria that hit cryptocurrency market
The Shanghai Ethereum update has allowed validators to withdraw their staked ETH and take control of their funds, which might have attracted more investors to the market as the staking becomes more accessible and convenient.
This euphoric response, however, comes with a note of caution. Despite the overwhelming inflow of capital, there is still the possibility of rapid outflows from the market due to additional withdrawal pressure from staking contracts. As more ETH is unlocked, this could lead to increased selling pressure, which might cause a drop in Ethereum's price and potentially impact other digital assets as well.
ARB's exceptional performance is attributable to various factors, including the growing interest in Layer 2 scaling solutions that aim to reduce congestion and high fees on the Ethereum network. However, the recent rally has not been without its challenges. The Arbitrum community faced internal strife when the foundation allocated and used additional tokens in its favor before a vote on the matter was concluded.
This move sparked concerns among community members and raised questions about the project's governance structure. Despite these troubles, the token's strong performance seems to indicate that the market remains bullish on ARB and its potential to drive the Layer 2 scaling ecosystem forward.
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