Dormant Whales Grab ARB Before It Soars: 'They Must Have Known Something' Analysts Claim

According to a recent tweet issued by the @lookonchain "Smart Money" wallet tracker, earlier this week, two dormant whales became active again and started buying massive amounts of Arbitrum ($ARB) tokens.

One of the whales had stayed inactive for 1.6 years; he bought 450,881 $ARB on Binance, paying $504,000 for it. The second whale emerged after half a year of dormancy and bought 1.57 million $ARB, spending 939 ETH (worth $1.68 million) on them.

@lookonchain tweet stated that these purchases look suspicious, as if these awakened whales knew something in advance.

When a dormant whale wakes up and buys a token, he must have known something in advance.$ARB is pumping today and 2 dormant whales bought $ARB in advance. pic.twitter.com/bWnGVIlcMz

— Lookonchain (@lookonchain) June 27, 2023

Arbitrum price action

Today, $ARB has been going up pretty fast, adding 6.73% and jumping from $0.1413 to the $0.2182 level, where it is trading at the time of this publication.

During the past seven days, i.e., since June 22, the $ARB price has increased by more than 22%. The trading volume since yesterday has jumped by slightly under 44%, hitting $433 million, according to data shared by the CoinMarketCap platform.

Arbitrum is not the only speculative token that is pumping now. $BLUR has also demonstrated a rapid price surge — 27% within the last 24 hours and around 13% within the past week.

Now that investors are withdrawing funds from crypto behemoths like Bitcoin and Ethereum, they are putting it into more speculative tokens, like $BLUR and $ARB.

$BLUR surges on new listing news

Earlier today, South Korean crypto giant Upbit announced that it had added support for $BLUR. It pushed the token's price up by roughly 27%, according to a tweet by @lookonchain. It also reported that Wintermute Trading withdrew 10 million $BLUR (worth $4.2 million) from Coinbase Custody Wallet and then moved them to the Kraken exchange more than 12 hours ago.

Now, $BLUR is changing hands at $0.3891, according to data provided by CoinMarketCap.

The unusual behavior of market makers is always worth noting.

The price of $BLUR suddenly skyrocketed by ~27% after the announcement that #Upbit would list $BLUR.

Wintermute Trading received 10M $BLUR ($4.2M) from #Coinbase Custody Wallet and deposited to #Kraken ~12 hrs ago. pic.twitter.com/g0KuuSq0qk

— Lookonchain (@lookonchain) June 27, 2023