Whales Buying Millions In ARB Amid Recovery Rally

A crypto whale investor is accumulating ARB tokens through well-timed transactions on the popular exchange platform, Binance. With holdings of 2.5M ARB tokens, it has caused a significant stir in the market and ARB’s value.

Whale Accumulates ARB

We have used Arkham Intelligence to get the transaction history of the whale. Four days ago, the whale created an address (0x37bF2A67c4c2C492d582f59AdEB5186719De738f) and withdrew 1.5 million ARB tokens from Binance, worth approximately $1.76 million at the time. The buying price was $1.07 per ARB.

13 hours ago, the whale made another withdrawal from Binance. This time taking out 1 million ARB tokens worth approximately $1.18 million. As of now, the whale investor boasts an impressive portfolio of 2.5 million ARB tokens, valued at approximately $3.01 million. The average buying price for these tokens is around $1.13.

Arbitrum conducted airdrop, two weeks ago, and saw around 90.15 million tokens being distributed to 131 DAO addresses, valued at $118 million. A whale named TRIDENT sold off sold 131,345 ARB, leaving a negative impact on the price of ARB, lookonchain reported.

ARB Token Value

This strategic move of over a million dollar withdrawal signals the investor’s confidence in the future potential of ARB. The token ARB after hitting an all time low of $1.06, experienced a 12.91% surge in the past 7 days.

The investor’s average buying price per ARB token is estimated to be around $1.13, indicating a calculated approach to minimize costs and maximize their holdings.

Read More about Arbitrum Latest Price Prediction

The whale investor’s accumulation strategy has not gone unnoticed, garnering attention and speculation within the cryptocurrency community. This increased focus has had a direct impact on the value of ARB.

Currently, the token is experiencing an upward surge, with its value reaching an impressive price of $1.1928 per token, according to CoinMarketCap. The market capitalization of ARB stands at $1,520,777,905, while the trading volume in the last 24 hours has reached $310,180,970.

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.