Recently, a group of inactive large cryptocurrency holders, known as “whales,” has become active again and started purchasing millions of Arbitrum’s ARB tokens. This sudden surge in buying activity has led to a notable increase in both the prices of ARB tokens and the overall trading volume associated with them.
In a noteworthy development, two previously inactive cryptocurrency investors, commonly referred to as “whales,” have reappeared in the market and made substantial purchases of Arbitrum’s ARB tokens.
These transactions have raised suspicions of insider knowledge due to their significant impact on the targeted token. As a result, the price of $ARB has experienced a remarkable surge today, accompanied by a surge in trading volume. This surge has captured the attention of experienced investors and observers in the cryptocurrency market.
Whale Transactions Involving ARB Tokens:
According to the on-chain analysis platform Lookonchain, a previously inactive whale known as “0xb28f” recently made a significant investment. This whale purchased 321,934 ARB tokens at a rate of $1.16, amounting to 200 ETH (equivalent to approximately $375,000). This transaction occurred just two hours ago, indicating a notable move in the cryptocurrency market.
“0xb28f” has displayed boldness in the past, and this recent move is not an exception. On June 10, they invested 300 ETH, which is around $525,000, to acquire 538,558 ARB tokens when the price was $0.98. The cumulative effect of these significant investments cannot be underestimated, as they demonstrate a notable impact on the market.
Another whale, identified as “0x79cc,” followed a similar pattern. Approximately ten hours ago, this whale acquired 937,176 ARB tokens at a price of $1.13, utilizing 1,058,665 USDC as the trading currency. By making this purchase, “0x79cc” displayed a strong confidence in the potential future value of ARB tokens.
ARB Token Price Movement:
Currently, the value of ARB is $1.20, reflecting a significant increase of 10.30% in the past 24 hours. Moreover, the trading volume has witnessed a remarkable surge of 145.82%, reaching $507,288,655 within the same time frame.
The reappearance of dormant whales, their strategically timed investments, and the resulting surge in ARB’s price have ignited discussions among investors and regulators. Given that Arbitrum operates as Ethereum’s Layer 02 blockchain, some are contemplating whether these sudden price movements are connected to account abstraction.
The increasing popularity of ERC-4337 following Vitalik Buterin’s comment has raised suspicions about its potential role in the observed market fluctuations. Account abstraction, a technical concept, empowers Ethereum users to customize their accounts and execute intricate transactions without depending solely on smart contracts.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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