The Arbitrum ARB token has set a record high price, with a valuation exceeding $2.5 billion.

Prices have risen about 10% in the past 24 hours, outpacing the broader cryptocurrency market, with on-chain trading volume on Arbitrum-based applications exceeding $920 million. During the same period, the CoinDesk market index fell 1.7%. Arbitrum inflows have overtaken the volume of Solana-based applications, which surged following the meme coin craze in December.