Arbitrum (ARB) Whales Selling? Here's What Data Shows

At least three $ARB whales might be selling their tokens as Arbitrum's DAO asset loses over 33% in price in 30 days. One of them still owns a massive stake of $ARB tokens to sell.

Arbitrum ($ARB) whales moved 10,000,000 tokens to Binance ($BNB), mass-selling?

Today, Sept. 11, 2023, three top-tier Arbitrum ($ARB) whales moved their riches to Binance ($BNB), the largest cryptocurrency exchange. In total, over 10.2 million of $ARB tokens were moved.

As unveiled by Chinese cryptocurrency journalist Colin Wu, the first whale transferred 3.8 million $ARB to Binance ($BNB) and sold it at $0.77 per token. The whale made 1,812 Ethers ($ETH) on this deal and still owns 13.7 million $ARB tokens to sell.

Another super whale known as vladilena2.eth sold 3.63 million $ARB at $0.83 per token. This address still holds over $14 million worth of various altcoins and received 2,800 Staked Ethers (stETH) from Lido Finance (LDO) in the last 24 hours.

The third whale moved 2.8 million $ARB to Binance ($BNB) when the price was $0.79. As the price of $ARB dropped below $0.77 by press time, all three whales can get their funds back with profit right now.

Arbitrum ($ARB) remains dominant L2, releases game-changing Stylus tool

The last 30 days have been merciless to $ARB token: it lost one third of its capitalization. Today, Sept. 11, 2023, the price plummeted to an all-time low on major spot exchanges.

However, Arbitrum ($ARB) remains the most popular Ethereum ($ETH) second-layer scaling solution. With $5 billion in TVL, it is responsible for 55% of Ethereum's L2 ecosystem.

As covered by U.Today previously, on Arbitrum Day (Aug. 31), Arbitrum developers released Stylus, an instrument that allows WASM smart contracts to go live on Ethereum-like blockchains.