• The three most trending cryptocurrencies according to CoinMarketCap are Arbitrum (ARB), PancakeSwap (CAKE), and Ethereum (ETH).
• ARB was subject to a massive sell-off after the airdrop, causing its price to crash.
• Ethereum investors have profited due to increased prices since the start of 2021, with the number of profitable Ethereum addresses reaching approximately 64 million.

Top 3 Trending Cryptocurrencies

CoinMarketCap has identified Arbitrum (ARB), PancakeSwap (CAKE), and Ethereum (ETH) as the top three most trending cryptocurrencies right now.

Arbitrum (ARB)

The recent airdrop of ARB’s native governance token has drawn much attention, however it was followed by a massive sell-off which caused its price to crash severely. Additionally, it has been revealed that hackers used vanity addresses to steal $500,000 worth of tokens from the layer-2 scaling solution during its March 23 airdrop. According to CMC, the current Arbitrum price is $1.27 USD with a 24-hour trading volume of $1,645,717,128 USD and is down 3.99% in the last 24 hours and 89% in the last 7 days.

PancakeSwap (CAKE)

PancakeSwap is a decentralized cryptocurrency exchange running on BNB Chain since 2022 and recently proposed creating Syrup Pool in collaboration with Ternoa – a layer 1 blockchain infrastructure built with NFT adoption in mind – allowing users to stake CAKE tokens for CAPS tokens on PancakeSwap. According CMC data, PancakeSwap’s current price is $3.71 USD with 24-hour trading volume of $45,299,776 USD and is up 0.81% in 24 hours.

Ethereum (ETH)

Glassnode reports that since January 2021 there has been an increase in Ethereum prices resulting in an increased number of profitable ETH addresses reaching approximately 64 million – not seen since over one year ago when ETH dropped below $1,200.

Conclusion

The cryptocurrency market appears to be recovering from its February slump as Bitcoin and Ethereum lead this positive trend despite US government regulations tightening around digital currencies activities