According to a recent tweet issued by the @lookonchain "Smart Money" wallet tracker, earlier this week, two dormant whales became active again and started buying massive amounts of Arbitrum (ARB) tokens.
One of the whales had stayed inactive for 1.6 years; he bought 450,881 ARB on Binance, paying $504,000 for it. The second whale emerged after half a year of dormancy and bought 1.57 million ARB, spending 939 ETH (worth $1.68 million) on them.
@lookonchain tweet stated that these purchases look suspicious, as if these awakened whales knew something in advance.
Arbitrum price action
Today, ARB has been going up pretty fast, adding 6.73% and jumping from $0.1413 to the $0.2182 level, where it is trading at the time of this publication.
During the past seven days, i.e., since June 22, the ARB price has increased by more than 22%. The trading volume since yesterday has jumped by slightly under 44%, hitting $433 million, according to data shared by the CoinMarketCap platform.
Arbitrum is not the only speculative token that is pumping now. BLUR has also demonstrated a rapid price surge — 27% within the last 24 hours and around 13% within the past week.
Now that investors are withdrawing funds from crypto behemoths like Bitcoin and Ethereum, they are putting it into more speculative tokens, like BLUR and ARB.
BLUR surges on new listing news
Earlier today, South Korean crypto giant Upbit announced that it had added support for BLUR. It pushed the token's price up by roughly 27%, according to a tweet by @lookonchain. It also reported that Wintermute Trading withdrew 10 million BLUR (worth $4.2 million) from Coinbase Custody Wallet and then moved them to the Kraken exchange more than 12 hours ago.
Now, BLUR is changing hands at $0.3891, according to data provided by CoinMarketCap.