Recently, the cryptocurrency Arbitrum (ARB) gave away 90.15 million tokens to its community through an airdrop. The tokens were sent to 131 addresses belonging to DAOs (decentralized autonomous organizations), and the total value of the tokens distributed was approximately $118 million.
Right after the airdrop, someone who goes by the name “TRIDENT” sold 131,345 ARB tokens using three different addresses. The tokens were sold for $1.31 each, and the total amount earned from the sale was $172,000.
Notably, TRIDENT has sold 131,345 $ARB ($172K) at $1.31 through 3 addresses after receiving 257,540 $ARB ($337K).https://t.co/knKqrcg3Qb pic.twitter.com/vHWJxagrEY
— Lookonchain (@lookonchain) April 25, 2023
As of now, the price of Arbitrum (ARB) has gone down by 0.3% in the last hour and 0.2% over the course of a day. It’s possible that the recent sale of ARB tokens by the whale caused this drop in price. However, it’s important to note that the cryptocurrency markets were already experiencing a period of correction even before the airdrop event happened.
In addition, this is not the only instance of large investors selling off their ARB tokens. In April, two anonymous investors sold millions of dollars’ worth of ARB tokens, even though they incurred losses from doing so. One of the investors sold 2.03 million ARB tokens, which was worth $1.14 million, and lost $160,000 in the process. The other investor sold 1.7 million ARB tokens, which was worth roughly $2 million, and lost $270,000 from the sale.
