On a bumpy day for the crypto market, altcoin Arbitrum (ARB), which has been under the spotlight lately, has witnessed significant price movements. Two major whale transactions and an all-time low have attracted the attention of traders and investors. Here are the details…
Altcoin whales on the move
According to the Spot On Chain tracking, 7.44 million ARBs have moved towards Binance in the last 24 hours, equivalent to approximately $6.31 million. Two important whales were behind this remarkable transfer activity. The giant whale address 0xe97 made its presence felt by transferring a substantial amount of 3.8 million ARB tokens to Binance. This big move occurred at an average price of $0.86 per ARB. While this transaction alone attracted a lot of attention, another whale known as Vladilena2.eth was not far behind. Just an hour ago, Vladilena2.eth sent 3.64 million ARB tokens to Binance at an average price of $0.84 per token.
Also, Lookonchain observed that a giant whale dumped 3.8 million ARB (about $3.21 million) in exchange for ETH on Binance today with a loss of about $1.3 million. Whale withdrew 17.62 million ARB ($21 million) from Binance on April 4 and April 5, at an average withdrawal price of $1.19. The whale currently holds 13.78 million ARB (approximately $10.97 million). These large transactions indicate that some major players are making strategic moves in the ARB market. But what caused this sudden increase in activity? The answer to this is not yet known.
ARB hits record low
In parallel, OKX market data reported a significant decline in the value of ARB. The token fell to $0.805, marking a new record low. As of the latest data, ARB is currently trading at $0.8066. This sharp decline reflects a 24-hour decline of 5.25%. The combination of these two events raises questions about the general sentiment surrounding ARB. Whales are carrying significant amounts of ARB to the exchanges, while the token’s falling price indicates that market sentiment may be on a downward trend.
As with every cryptocurrency, the crypto community is awash with speculation and analysis. Some suggest that these whale moves could be part of a broader strategy, such as potential market manipulation or hoarding of tokens at low prices. On the other hand, the record low can be attributed to various factors such as macroeconomic effects or market sentiment. Traders and investors are closely monitoring ARB’s price movements as this situation unfolds. The cryptocurrency market is known for volatility, and ARB’s recent activity is proof of this.
