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Arbitrum, the scalable Layer 2 Ethereum network, is witnessing an intriguing trend as a certain "whale" or large holder, identified as address "0x37bf," is accumulating sizable amounts of ARB tokens. This address was created just four days ago and has since amassed a total of 2.5 million ARB tokens, worth approximately $2.95 million.
This whale began by withdrawing 1.5 million ARB tokens (valued at $1.76 million) from Binance, at a price of $1.07 per token. Only 13 hours ago, the same holder withdrew another one million ARB tokens ($1.18 million) from Binance. The average buying price of this accumulation is estimated to be around $1.13 per token.
A whale is accumulating $ARB.
— Lookonchain (@lookonchain) May 16, 2023
Address"0x37bf" was created 4 days ago with 1.5M $ARB ($1.76M) withdrawn from #Binance at $1.07 at the time.
And withdrew 1M $ARB ($1.18M) from #Binance again 13 hrs ago.
The whale holds 2.5M $ARB ($2.95M) now, the average buying price is ~$1.13. pic.twitter.com/FdYcN8Top6
While the identity of this whale remains a mystery, their activity has certainly piqued the interest of the Arbitrum community. It is a bold move that comes amid a period of volatility for the ARB token. However, it is worth noting that Arbitrum has gained around 20% to its value since the local low, adding further intrigue to this accumulation.
In other recent developments, the Arbitrum Foundation announced a series of changes in response to community pressure. This includes breaking up a controversial governance package into separate votes and ensuring that the foundation's "special grants" program will be rebranded as the "Ecosystem Development Fund."
Moreover, the foundation has pledged to provide more transparency regarding the use of funds and the foundation's budget. They also affirmed they have no near-term plans to sell more tokens, reacting to previous criticisms about selling millions of dollars in ARB for operational purposes without community consent.
Valeria Blokhina
Yuri Molchan
Dan Burgin
Alex Dovbnya