On-chain researcher Lookonchain drew attention to the abnormal altcoin sales that took place in the past hours. A whale depositing $1.5 million in Coinbase receives these coins from the team behind his project.
This altcoin team is on the agenda with million sales
Recently, Lookonchain reported that a wallet affiliated with the Compound team had deposited 20,000 COMP to Coinbase in the past hours. This transfer carried millions of dollars in total. However, the whale still currently has 402,462 COMP ($29.8 million) in its wallet.
The report showed that the same whale received another 644,556 COMP ($47 million) from the Compound team. The wallet subsequently deposited 116,320 COMP ($6.5 million at the time) on Coinbase and Kraken. He sold 131,900 COMP ($24 million) through Cumberland and exchanged 27,800 COMP ($725,000) on a decentralized exchange.
The whale received 644,556 $COMP ($47M currently) from Compound Team and Deployer.
Then deposited 116,320 $COMP ($6.5M at that time) to #Coinbase and #Kraken, sold 131,900 $COMP ($24M) via #Cumberland, and sold 27,800 $COMP ($725K) on DEX. pic.twitter.com/IBe1LHaWU0
— Lookonchain (@lookonchain) July 21, 2023
Whales on your radar in Abitrum
Lookonchain also reported that in the past three days, five whales have withdrawn a total of 10.5 million ARB ($13.5 million) from Binance. Among these withdrawals, a single whale raised 2.34 million ARB ($3 million) from Binance. This fund move by major investors could have positive implications for ARB.
Another whale withdrew 2.34M $ARB ($3M) from #Binance 20 mins ago.
5 whales have withdrawn a total of 10.5M $ARB ($13.5M) from #Binance in the past 3 days.https://t.co/1FleolpN3Qhttps://t.co/E9GCmJ7ftc pic.twitter.com/2ic2HsEtse
— Lookonchain (@lookonchain) July 18, 2023
The large number of withdrawals and faith the whales display can improve the overall feeling around the ARB. At this time, the weighted sentiment of ARB was negative. This meant that the crypto community’s overall outlook towards ARB was pessimistic. Arbitrum’s popularity on the social front had not seen green either. According to data provided by LunarCrush, the number of social media mentions and social interactions for Arbitrum dropped by 70.2% and 72.6%, respectively, in the past week.
Altcoin projects are in critical distraction
cryptocoin.com As you follow, Arbitrum DAO has recently announced that it has launched the Arbitrum grant program. A substantial budget of $1 million has been allocated to the program, which will be distributed over two quarters. The primary purpose is to financially support the various teams working to build applications on the Arbitrum platform.
The grant program aims to improve transparency throughout the funding process. It will also ensure that eligible projects receive adequate support to contribute to the growth and development of the Arbitrum ecosystem.
The proposal also helps improve current effectiveness in the Arbitrum protocol. At the time of this writing, the number of users on the Arbitrum protocol had dropped significantly by 10.1% compared to last month, according to data from the token terminal. Despite this, revenue from the protocol continued to grow. It grew by 19.6% in the same period.
