Millions of Arbitrum (ARB) Bought by Whale as ARB Dips, Here's How Much Held Now

Twitter account @lookonchain@ that tracks transactions of "Smart Money" and whale wallets has noticed that, recently, a whale has received several million ARB tokens from two top crypto exchanges — Binance and Gate.io — presumably withdrawing the tokens after purchasing them.

According to the tweets, the whale bought roughly 3.67 million Arbitrium from Binance and Gate.io when the token's price went up to the $1.48 level. The purchase was worth $5.4 million.

Later on, the same wallet withdrew 827,766 ARB (evaluated at $1.16 million) from Gate.io. At present, this whale's wallet contains a total of 4.53 million Arbitrum. That is the equivalent of $6.34 million.

A whale received ~3.67M $ARB ($5.4M) from #Binance and https://t.co/Q1M8T0O4yl after the $ARB price rose to $1.48.https://t.co/fMfTRDcnYp pic.twitter.com/PVrcK1fXV8

— Lookonchain (@lookonchain) April 27, 2023

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Earlier today, the ARB price took a dive from a peak of $1.49 to $1.34, according to CoinMarketCap. By now, the price has managed to recover a little and is sitting at $1.4094.

Recently, U.Today reported that ARB experienced a rise by nearly 12% as whales began to accumulate this token. Prior to that, Arbitrum made an airdrop of 90.15 million ARB to 131 DAO addresses.

One of them, dubbed TRIDENT, immediately sold 131,345 ARB at the price of $1.31 via three wallets after receiving its portion of the airdrop. That earned the address $172,000, according to @lookonchain.

According to CoinMarketCap, Arbitrum's native token ARB reached a historic peak of $11.80 a month ago, on March 23. Currently, it is trading 88.06% below that level. ARB is ranked 36th on the aforementioned crypto analytics website.