As of the end of April 10 – 17 week, there are 23 whale wallets that hold over $1 million Arbitrum ($ARB) tokens, according to data shared by on-chain sleuth @lookonchain.
Whales have been buying or selling $ARB tokens throughout the last week, as the numbers lookonchain shared demonstrate. Three whale accounts decided to sell over 22 million $ARB, while nine others collectively bought over 12 million tokens.
The transactions
The amount of $ARB held by the whales equates to over $1.6 million, given that the $ARB price lingers around $1.62 at the time of writing.
During the past seven days, three whale accounts sold around 22.8 million $ARB tokens, amounting to about $38 million. The sale prices were $1.37 and $1.69.
On the other hand, nine whale wallets bought 12.4 million $ARB, which adds up to over $21 million. Most of this amount was purchased when the $ARB price had been lingering between $1.2 and $1.5. In the meantime, 11 whales didn’t sell or buy $ARB tokens.
Arbitrum
Arbitrum recently lost over 1 million tokens to a phishing attack on March 31. Days after that, the project team said it had to sell 10 million $ARB to cover its operation costs.
Even though Arbitrum managed to create some hype around the project by airdropping 112.8 million $ARB in mid-march, the price of $ARB also recorded a 90% drop due to over 160,000 addresses claiming over 300 million $ARB tokens.
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