Arbitrum whales, affected by market conditions and losing faith in the project, started selling ARB at a loss.
Things are not going well in Arbitrum, one of the projects rumored to replace Ethereum. Arbitrum has become the target of criticism due to the turmoil on the price side in recent days. Lookonchain focused on what happened in ARB, Arbitrum’s native token.
According to Lookonchain data, ARB whales started selling their assets at a loss. The data revealed that 7 whales accepted a total loss of $8.15 million. ARB’s big purses began to move away from the project.
7 whales of Arbitrum (ARB) sold at a loss!
Blockchain data tracking platform Lookonchain claimed that 7 whales left Arbitrum (ARB) in the last 30 hours. Whales sold their ARBs at a loss. 7 whales sold ARBs for 16 million dollars, which they bought for a total of 24.19 million dollars. This sale by whales was also effective in reducing the ARB price.
According to Lookonchain’s data, the total loss of 7 whales is 8.15 million dollars. Whales seem to be particularly affected by the recent ARB drop and the upcoming token unlocks. Arbitrum, which is rumored to replace Ethereum in the near future, is struggling to survive these days.
Lookchain shared another ARB data. According to this data, a whale trading on Aave started selling its ARBs because it was in reverse in its transactions. To pay off his debt, Balina transferred the ARBs he was holding from the decentralized exchange to Binance.
Lookonchain stated that the whale, which spent its ARB for its debt, still has $6.16 million in assets. So the ARB whale can continue to sell its holdings.
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