2 Dormant Whales Come Alive, Causing ARB’s Price to Skyrocket

• Lookonchain revealed in a couple of tweets that 2 dormant whales transacted with ARB in the last week.
• At press time, ARB’s price stood at $1.21 after it climbed nearly 10% in the past 24 hours.
• A significant bullish flag triggered on ARB’s daily chart which suggested that its price would rise in the next few days.

The blockchain tracking firm Lookonchain noted that 2 whales, who had been dormant for several months, transacted with Arbitrum (ARB) over the past few days. Shortly after these transactions, the crypto’s price started to pump. This left the firm questioning whether or not the whales knew beforehand that ARB’s price would rally today.

According to a second tweet posted by Lookonchain this morning, whale “0x1b67” withdrew 450,881 ARB, worth approximately $504K, from Binance over the weekend. On-chain data indicated that this particular whale had been dormant for 1.6 years.

Meanwhile, whale “0x3737” spent 939 Ethereum (ETH), estimated to be worth $1.68 million, to purchase 1.57 million ARB at an average purchase price of $1.07 on 20 June 2023. Lookonchain added that this whale had been dormant for 6 months prior to this purchase.

At press time, CoinMarketCap indicated that ARB was trading at $1.21. This was after the altcoin printed a 9.93% gain over the past 24 hours. As a result, ARB was also trading closer to its 24-hour high of $1.22 than its daily low of $1.10.

In addition to strengthening against the Dollar over the past 24 hours, the altcoin also outperformed the market leaders Bitcoin (BTC) and Ethereum (ETH). At press time, ARB was up 9.62% against BTC and was up 10.53% against ETH.

Trading volume for ARB also saw an increase over the past day. At press time, the total stood at $511,575,557. This was a 151.10% increase in ARB’s total daily trading volume.

From a technical perspective, ARB’s price was trading above the 9-day and 20-day EMA lines at press time. Notably, a significant bullish flag triggered on ARB’s daily chart over the past 48 hours, as the shorter EMA line crossed above the 20-day EMA line. This indicated that ARB was in a short-term bullish cycle and its price may continue to rise in the next 48 hours.

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