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Arbitrum (ARB) Whale Accumulation Hits New High: $3 Million in Days

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Tue, 16/05/2023 - 8:59
Arbitrum (ARB) Whale Accumulation Hits New High: $3 Million in Days
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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.

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.

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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​​.

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