While the cryptocurrency market was in calm waters during the day, it suddenly made an attack. In the last move, the leading cryptocurrency Bitcoin managed to rise above 26 thousand dollars. Other altcoins, including the leading altcoin Ethereum, also entered the green zone. Amid these developments, crypto investment firm Offchain Labs, which is also among the Arbitrum developers, continues to collect ARB tokens from Binance.
Arbitrum developer si Offchain Labs, from Binance Collecting tokens!
cryptocoin.com As you can see from , the crypto market has been sluggish for a while now. However, there has been a movement in the last hours. Leading crypto Bitcoin managed to exceed the critical level of $26,000 and the market turned green. The leading altcoin Ethereum also rose. However, it seems that some whale investors took advantage of this when the market was sluggish.
According to the post of analytics platform Spot On Chain, Offchain Labs, one of the developers of Arbitrum (ARB), continues to accumulate ARB tokens. In this regard, in its last move, the company purchased a large amount of ARB from Binance. In his post on the analytics platform X account, he gave the following details regarding these transactions for the altcoin project:
An hour ago, OffchainLabs raised another 1.217 million ARB from Binance at $0.9 ($1.1 million) via address 0xb41. In total, Offchain Labs has accumulated the following amount:
It purchased 2.279 million ARB ($2.07 million) from Binance last week at an average price of $0.91. It has also purchased 5.367 million ARB ($5.07 million) from Binance at an average of $0.94 since August 23 after the market crash.
🚨 @OffchainLabs accumulated another 1.217M $ARB from #Binance at $0.9 ($1.1M) via address 0xb41 an hour ago.
In total, Offchain Labs has allegedly accumulated:
– 2.279M $ARB from #Binance at $0.91 on avg ($2.07M) over the past week
– or 5.367M $ARB from #Biannce at $0.94 on avg… https://t.co/KZsGMXp4Zs pic.twitter.com/qlzn4hny4P— Spot On Chain (@spotonchain) September 7, 2023
What awaits the altcoin project while its rival is gaining speed?
Base Network, one of Arbitrum’s (ARB) newest competitors, became the fastest layer-2 Blockchain, reaching 100,000 users on August 24. Thus, he reached an important milestone. Base Network reached this milestone just 56 days after the main-net launch. A few days before the milestone, Arbitrum’s (ARB) daily active addresses dropped to their lowest point ever. Arbitrum’s daily transactions reached 6,500 transactions in the few days between August 19 and August 28. As a result, many fear that Base Network’s increased activity could create more problems for Arbitrum.
On August 19, Arbitrum (ARB) daily active addresses hit new lows. During this period, the altcoin was trading at $1.01. On August 22, ARB fell 4.9% to $0.96 before rising to $1.00 on August 24. At press time, it is trading at $0.9118. Analysts say that if the decline in network activity continues, the altcoin price may fall as low as $ 0.87.
