After the much pompous launch of the long-awaited Arbitrum token – $ARB – rumors and sell-offs dominated the ecosystem due to a conflict between token holders and the Arbitrum Foundation.
The popular blockchain tracking platform, Lookonchain, has identified four whales “continually” buying $ARB tokens, despite the ongoing drama.
- Mechanism Capital’s Andrew Kang is one of the four whales, according to the analysts, who bought an additional 1.51 million $ARB at $1.23 with nearly $1.85 million of the $USDC stablecoin.
- Kang spent a total of 2.85 million in the stablecoin to buy 2.3 million $ARB, with an average buying price of $1.24.
- Another whale, also speculated to be an institutional player, received 5.86 million $ARB, worth around $7.15 million, from the centralized exchange Gate.io and currently holds a total of 17.62 million $ARB, worth around $21.5 million. The whale has become the largest individual holder of $ARB.
- The third one purchased 795,381 $ARB again with one million in $USDC stablecoin at a price of $1.26 and currently holds 10.6 million in $ARB (worth approximately $12.94 million).
- The fourth whale, on the other hand, received 532,012 $ARB (worth around $661,000) again. It currently holds 4.58M $ARB (worth around $5.59 million).
- The fresh whale activity came after Arbitrum Foundation received significant backlash over its governance voting system.
- This forced the team to unveil two new proposals with several changes wherein it vowed to hold onto the 700 million $ARB tokens left in the Administrative Budget Wallet until the DAO authorizes an appropriate spending plan.
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