Arbitrum price dips further as whales dispose ARB tokens in millions

• At press time, Arbitrum (ARB) was trading at $0.7665, after dropping 8.60% in a day.
• Three whales have sold a combined 10.2 million ARB tokens.
• Arbitrum, however still accounts for 55% of Ethereum’s L2 ecosystem.

In the past month, the Arbitrum (ARB) token has experienced a significant decline in value, losing over 33% of its price, prompting at least three major ARB whales to consider selling their holdings. Among these whales, one still possesses a substantial stake in ARB tokens for potential sale.

Data from Lookonchain revealed an intriguing pattern: Despite Arbitrum’s struggles to regain value, a particular whale continued to accumulate the token over the course of a week. This whale invested 2,000 ETH, equivalent to over $3.27 million, to acquire 3.64 million ARB tokens at an average price of $0.9, starting from September 3, 2023. In the previous month, this same whale had spent 800 ETH, equivalent to $1.47 million, to acquire 1.27 million ARB tokens.

A whale is buying $ARB!

The whale spent 2,000 $ETH ($3.27M) to buy 3.64M $ARB at an average price of $0.9 since Sept 3.

The whale spent 800 $ETH($1.47M) to buy 1.27M $ARB on Aug 13 but soon dumped on #Binance at a loss of ~$36K on Aug 16.https://t.co/0uohrf6PI3 pic.twitter.com/R6Zdjbtcje

— Lookonchain (@lookonchain) September 9, 2023

Whales on an Arbitrum (ARB) selling spree

On September 11, 2023, three prominent Arbitrum (ARB) whales took action by transferring a total of more than 10.2 million ARB tokens to Binance, the world’s largest cryptocurrency exchange.

Chinese cryptocurrency journalist Colin Wu disclosed that the first whale had transferred 3.8 million ARB tokens to Binance and sold them at a rate of $0.77 per token, resulting in a profit of 1,812 Ethers (ETH). Remarkably, this whale still retains ownership of 13.7 million ARB tokens available for sale.

Today, 3 whales transferred 10.23 million ARB (valued at US$8 million) to Binance, including 0xe972 transferred 3.8 million ARB to Binance and sold it at $0.77 for 1,812 ETH. It still holds 13.78 million ARB; vladilena2.eth transferred 3.63 million ARB to Binance, the price was…

— Wu Blockchain (@WuBlockchain) September 11, 2023

Another prominent whale, known as vladilena2.eth, sold 3.63 million ARB tokens at a rate of $0.83 per token. Notably, this wallet also possesses a portfolio exceeding $14 million in various altcoins and recently received 2,800 Staked Ethers (stETH) from Lido Finance (LDO) within the last 24 hours.

The third whale decided to move 2.8 million ARB tokens to Binance when the token’s price was at $0.79. Given that the ARB token’s price has dipped below $0.77 as of the present moment, all three whales have the opportunity to reclaim their investments with profit.

Despite the recent downturn in the ARB token’s value, Arbitrum (ARB) continues to maintain its position as the dominant Layer 2 (L2) solution for Ethereum (ETH). It boasts a total value locked (TVL) of $5 billion, accounting for 55% of Ethereum’s L2 ecosystem. Today, on September 11, 2023, the token reached an all-time low on major spot exchanges, reflecting the challenging market conditions.