The scalable Layer 2 Ethereum network known as Arbitrum observes a fascinating pattern where a particular “whale” or significant holder, identified as address “0x37bf,” is gathering substantial ARB tokens. This address was established four days ago and has accumulated a remarkable sum of 2.5 million ARB tokens, valued at around $2.95 million.
Whale Acquires $2.94 Million Worth Arb Tokens Within Days
The whale started by withdrawing 1.5 million ARB tokens from Binance, valued at $1.76 million, for $1.07 per token. Merely 13 hours ago, the same large holder withdrew another million ARB tokens ($1.18 million) from Binance. It is estimated that the average purchase price of this accumulation is approximately $1.13 per token.
While the identity of this whale remains undisclosed, their actions have undeniably captured the attention of the Arbitrum community. This bold maneuver occurs during a time of fluctuation for the ARB token. Nonetheless, it is important to highlight that Arbitrum has experienced a 20% increase in value since it’s recent low, intensifying the fascination surrounding this accumulation.
Amidst recent updates, the Arbitrum Foundation has responded to community pressure by unveiling several modifications. These changes involve splitting a contentious governance package into distinct voting components and rebranding the foundation’s “special grants” program as the “Ecosystem Development Fund.”
Furthermore, the foundation has committed to enhancing transparency concerning fund allocation and the organization’s budget. Additionally, they have emphasized that there are no immediate intentions to sell additional tokens, responding to past concerns raised by the community regarding the sale of millions of dollars worth of ARB tokens for operational purposes without community consensus.
Arbitrum (ARB) Price Movement
The substantial withdrawal of over a million dollars demonstrates the investor’s optimistic outlook on the prospects of ARB. Following a significant drop to its all-time low of $1.06, the ARB token has witnessed an impressive 12.91% surge over the past 7 days.
The average buying price per ARB token for the buyers is approximately $1.13, suggesting a systematic approach to reduce expenses and maximize their token holdings.
The accumulation strategy employed by the whale investor has attracted significant attention and speculation within the cryptocurrency community. This heightened scrutiny has directly influenced the value of ARB.
Currently, the token is experiencing an upward surge, with its value reaching a special price of $1.19 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.
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