Today, May 18, Arbitrum (ARB) saw a notable and surprising price spike, generating excitement in the cryptocurrency market. This rise occurred alongside a significant purchase of ARB tokens by a single whale in the last 24 hours, as seen in global blockchain data.
This transaction comes during a period of consolidation for ARB and has sparked optimistic sentiments about the crypto’s future price trends. Investors and analysts are closely monitoring the whale activity and current market statistics surrounding Arbitrum.
Whale Accumulates Arbitrum (ARB) Amid Market Speculations
According to data from various on-chain analytics platforms, whale address 0x695 has acquired 4.17 million ARB tokens, valued at $4.3 million, from Binance in the past 24 hours. This whale has been actively trading ARB since July 2023, experiencing significant fluctuations in its holdings.
Initially, the whale purchased 39 million ARB tokens worth $49 million at an average price of $1.25. Subsequently, the address sold 37.5 million ARB tokens at an average price of $1.2, resulting in losses exceeding $2 million. This activity has sparked discussions about the whale’s investment strategies and raised speculation about Arbitrum’s potential for profitability. Despite these trades, the address currently retains 5.98 million ARB tokens.
Additionally, insights from ‘The Data Nerd’ indicate that some of the whale’s ARB holdings are staked in AAVE and Compound, suggesting a diversified approach to managing its crypto assets.
Important:Ā Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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