• SOL’s price surged by 5.86% this week, with social dominance peaking at over 3.8%
• ARB’s social volume remained low, dropping to 0.09% while the token traded below key moving averages

This week has seen Solana [SOL] register a significant uptrend in price and a surge in social dominance. On the contrary, Arbitrum [ARB] and other L2 assets saw major declines on the social volume and price action front. 

Needless to say, this has created a contrasting narrative between these blockchain ecosystems.

Solana and Arbitrum see divergent social volumes

According to Santiment, the social volume of Solana and Arbitrum followed divergent paths over the last few days. For instance, Solana has seen a notable hike in social volume, rising by over 3% on two separate occasions this week.

On 13 October, the social volume surged to 3.8%. Another spike of 3.6% followed on 17 October.

This indicated that SOL dominated over 3% of all crypto-related discussions during the week.

Worth pointing out though that at press time, Solana’s social volume had fallen slightly to around 2.7%.

On the other hand, ARB’s social volume stayed relatively low. While it did see some spikes, the highest was 1.4% on the same day when SOL peaked at 3.8%.

At the time of writing, Arbitrum’s social dominance had dropped further to approximately 0.09%.

Comparing Solana and Arbitrum’s price trends

 The daily price chart showed that Solana has been on an uptrend over the past few weeks. For instance, this week, SOL’s price surged to a peak of $163.14 – Representing gains of 5.86% from its most-recent low.

At press time, the price sat above the 50-day Moving Average (MA) of $142.25 and the 200-day MA of $150.71. This highlighted the altcoin’s short-term and long-term bullish trends. 

Also, SOL’s break above these key moving averages and a neutral Relative Strength Index (RSI) suggested that further upward momentum was possible.

On the flip side, Arbitrum has seen far less upward momentum, only consolidating within a narrow range over the past few weeks. It remained below its 50-day MA of $0.5497 and 200-day MA of $0.8111. This alluded to a bearish trend in the medium term.

The 200-day MA was also significantly higher than the press time price, while the 50-day MA was only slightly above it.

SOL and ARB’s future outlook

Solana has been in a stronger position than Arbitrum this week. The token’s break above key moving averages and its RSI nearing overbought territory indicated that buyers have been in control and Solana may be more likely to continue its uptrend.

In contrast, Arbitrum remained in consolidation mode. Although it has started showing signs of recovery, it has not displayed the bullish momentum portrayed by Solana.

ARB will need to break above its 50-day MA to attract more buyers and signal stronger movement.

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That being said, with ARB attracting less attention, as indicated by its lower social dominance, it could offer greater returns if it begins to pump.

Historically, when major coins like SOL have already seen major gains, traders often shift their focus to lesser-known assets like ARB. This could fuel a potential price surge on the charts. 

The drive to knit together different blockchain networks and smooth out user experiences has sparked some truly exciting partnerships and breakthroughs in the blockchain world. Take, for example, the buzz around Neon EVM’s recent announcement about teaming up with deBridge. This move is a big deal because it bridges the gap between Solana’s mainnet, Ethereum, and other chains that work with EVM, essentially knitting these diverse ecosystems closer together. And right in the midst of all this innovation, there’s a new ICO on the block, InQubeta, stepping into the AI scene with bold promises to shake up how AI and crypto come together.

Neon EVM and deBridge: Bridging the Blockchain Divide

The team-up between Neon EVM and deBridge showcases the incredible things that can happen when forces in the blockchain world join together. Thanks to what deBridge brings to the table, this partnership is all about making it easier to transfer assets instantly, communicate across different chains, and handle asset custody. This is a big step towards solving the long-standing issue of moving tokens across various chains smoothly. During their testing phase, they managed to handle transactions worth over $150 million across nine different blockchains, which really speaks to how solid and promising this integration is.

Marina Guryeva, the CEO at Neon Foundation, really hit the nail on the head when she talked about what this collaboration means. It’s all about fostering the growth of an ecosystem that spans multiple chains, giving developers everywhere the keys to a much larger playground of global liquidity.

Arbitrum: Elevating Ethereum’s Ecosystem

Arbitrum, a creation of Offchain Labs, is a powerful L2 scaling solution that aims to address the scalability issues of the smart contract giant, Ethereum. With Arbitrum in action, there are faster transactions, high network handling capacity, and enhanced privacy. This is a much-needed improvement for users and developers who often rant about high gas fees and slow processing speed. ARB, the native asset of Arbitrum, powers the ecosystem and is used for transactions and fee payment. 

InQubeta: A Visionary Fusion of AI and Crypto

Amidst the developments in blockchain interoperability and scalability, InQubeta stands out with its visionary approach to bridge the gap between crypto and AI. InQubeta is bringing something new to the dimension, with its crowdfunding platform that allows any average investor to own a stake in emerging AI companies. It employs QUBE tokens to facilitate fractional investment in popular NFTs that represent partial ownership of a venture. This was previously a ground where only the elites thrived.

InQubeta’s journey so far has been nothing short of remarkable, with its presale drawing in over $9.7 million, showcasing the market’s strong belief in its ability. InQubeta is taking a unique approach by rolling out a deflationary ERC20 coin that does more than just serve as an investment; it’s about building a community. This community isn’t just interested in the usual — they’re all about diving deep into AI development and the exciting possibilities of merging it with blockchain technology.

The team at InQubeta has some big dreams, as they’re drawing up a roadmap full of ambitious goals. The team is on the brink of launching a brand-new NFT marketplace, getting the InQubeta swap off the ground, and setting up a DAO. But they’re not stopping there. They’ve set their sights on expanding across multiple blockchain networks by 2024, aiming to craft a dynamic and supportive ecosystem. This isn’t just about aiding AI startups; it’s about providing a rich soil for investors to grow in. Their forward-thinking strategy is all about mutual benefit — fostering innovation and growth in the AI landscape.

Final Thoughts

As the blockchain landscape watches the game-changing partnership unfold, alongside the progressive strides of platforms like Arbitrum, InQubeta is making waves as a powerhouse of innovation. It stands at the crossroads of artificial intelligence and blockchain technology, bringing a fresh perspective to making AI investments more accessible to everyone. With a roadmap that sparks excitement and a vision that’s clear and compelling, InQubeta isn’t just another player in the blockchain ICO space; it’s at the forefront, pioneering a future where AI and cryptocurrency merge. This fusion is set to unlock incredible possibilities for growth, innovation, and investment, reshaping what we thought was possible in both domains.

 

Visit InQubeta Presale 

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Arbitrum, one in all Ethereum’s Layer 2 networks, has gained vital consideration from crypto customers and builders since its launch. In response to Footprint Analytics, Arbitrum has contributed 41.88% of all Layer 2 TVL, totaling $2.25 billion as of Dec. 8. Arbitrum is now the main participant of all Layer 2 networks.

Arbitrum launched its fundamental community on Sept. 1, 2021, which appears late in comparison with different Layer 2 networks. Regardless of this, Arbitrum’s TVL rapidly overtook different tasks, exceeding expectations.

What makes Arbitrum stand out from the group?

Purpose 1: Low know-how migration prices

Arbitrum’s Optimistic rollups resolution is extra widespread with builders within the brief time period than the extra technically complicated ZK rollups resolution. In the long run, nonetheless, ZK rollups’ community could have the potential to catch up because of its quicker velocity and stronger safety.

Purpose 2: Low Gasoline price price

Arbitrum processes 40,000 transaction requests per second, a lot bigger than Ethereum’s 15-30 requests, tremendously decreasing community congestion, growing velocity and decreasing transaction prices. In response to exterior information, Arbitrum’s transaction price is 1.8 Gwei in comparison with Ethereum’s 64 Gwei, practically 36 occasions that of Arbitrum.

Purpose 3: A extra open ecosystem

Many individuals could ask why the Optimistic community, which additionally makes use of the Optimistic rollups resolution, is inferior to Arbitrum. Arbitrum’s launch technique onboarded greater than 400 DeFi tasks earlier than it opened to the general public, and dozens of tasks have been already on-line on the similar time firstly of its launch. This allowed customers to finish quite a lot of operations in its ecosystem. Optimistic, however, makes use of a whitelisting mechanism, in order that solely whitelisted tasks may be deployed on its fundamental community.

Due to Arbitrum’s open deployment mechanism, it was not the pinnacle DeFi protocol that made Arbitrum well-known, however fairly the assorted “degen” investments—these providing unscrupulously excessive returns.

Arbitrum’s preliminary TVL development is essentially attributable to ArbiNYAN, which attracts buyers to stake their native tokens with returns of 1000%-plus. These tasks, whereas not at all times respectable, allowed the brand new ecosystem to emerge.

Introduction to the Arbitrum ecosystem

Arbitrum has simply 44 dwell tasks, which isn’t notably massive. Amongst them, the DeFi class is dominated by DEX, lending and asset classes.

Of those, DEX accounts for 56% of TVL, belongings for 18% and lending for 17.8%.

Wanting on the TVL rating of DeFi tasks, degen tasks are not within the high 5, with mainstream tasks rising to the highest. Curve is in first place with a TVL of $420 million.

Conclusion

Arbitrum, a key participant within the enlargement of Ethereum, is already attracting a whole lot of capital consideration, with $124 million in Sequence A and B funding and a valuation of $1.2 billion. Arbitrum just isn’t at the moment in a cryptocurrency launch, and the co-founder of its growth crew, Offchain Labs, has said that there are not any plans to launch a cryptocurrency within the close to future.

Arbitrum continues to be in its early levels and we count on it to proceed to counterpoint its ecosystem and appeal to extra builders and buyers.

This report was delivered to you by Footprint Analytics.

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