- At press time, Arbitrum ($ARB) was trading at $0.7665, after dropping 8.60% in a day.
- Three whales have sold a combined 10.2 million $ARB tokens.
- Arbitrum, however still accounts for 55% of Ethereum’s L2 ecosystem.
In the past month, the Arbitrum ($ARB) token has experienced a significant decline in value, losing over 33% of its price, prompting at least three major $ARB whales to consider selling their holdings. Among these whales, one still possesses a substantial stake in $ARB tokens for potential sale.
Data from Lookonchain revealed an intriguing pattern: Despite Arbitrum’s struggles to regain value, a particular whale continued to accumulate the token over the course of a week. This whale invested 2,000 $ETH, equivalent to over $3.27 million, to acquire 3.64 million $ARB tokens at an average price of $0.9, starting from September 3, 2023. In the previous month, this same whale had spent 800 $ETH, equivalent to $1.47 million, to acquire 1.27 million $ARB tokens.
A whale is buying $ARB!
The whale spent 2,000 $ETH ($3.27M) to buy 3.64M $ARB at an average price of $0.9 since Sept 3.
The whale spent 800 $ETH($1.47M) to buy 1.27M $ARB on Aug 13 but soon dumped on #Binance at a loss of ~$36K on Aug 16.https://t.co/0uohrf6PI3 pic.twitter.com/R6Zdjbtcje
— Lookonchain (@lookonchain) September 9, 2023
Whales on an Arbitrum ($ARB) selling spree
On September 11, 2023, three prominent Arbitrum ($ARB) whales took action by transferring a total of more than 10.2 million $ARB tokens to Binance, the world’s largest cryptocurrency exchange.
Chinese cryptocurrency journalist Colin Wu disclosed that the first whale had transferred 3.8 million $ARB tokens to Binance and sold them at a rate of $0.77 per token, resulting in a profit of 1,812 Ethers ($ETH). Remarkably, this whale still retains ownership of 13.7 million $ARB tokens available for sale.
Today, 3 whales transferred 10.23 million $ARB (valued at US$8 million) to Binance, including 0xe972 transferred 3.8 million $ARB to Binance and sold it at $0.77 for 1,812 $ETH. It still holds 13.78 million $ARB; vladilena2.eth transferred 3.63 million $ARB to Binance, the price was…
— Wu Blockchain (@WuBlockchain) September 11, 2023
Another prominent whale, known as vladilena2.eth, sold 3.63 million $ARB tokens at a rate of $0.83 per token. Notably, this wallet also possesses a portfolio exceeding $14 million in various altcoins and recently received 2,800 Staked Ethers (stETH) from Lido Finance (LDO) within the last 24 hours.
The third whale decided to move 2.8 million $ARB tokens to Binance when the token’s price was at $0.79. Given that the $ARB token’s price has dipped below $0.77 as of the present moment, all three whales have the opportunity to reclaim their investments with profit.
Despite the recent downturn in the $ARB token’s value, Arbitrum ($ARB) continues to maintain its position as the dominant Layer 2 (L2) solution for Ethereum ($ETH). It boasts a total value locked (TVL) of $5 billion, accounting for 55% of Ethereum’s L2 ecosystem. Today, on September 11, 2023, the token reached an all-time low on major spot exchanges, reflecting the challenging market conditions.
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