Arbitrum (ARB) price rose in double digits as a popular DeFi whale address continued to buy the management token.
This rise in Arbitrum came after the United States Senate voted to raise the debt limit. The US deal has boosted the Arbitrum price along with other cryptocurrencies.
Arbitrum Rises After Both US Debt Ceiling Rising and Buying of a Popular Whale
The increase in the Arbitrum price coincided with some buying activity related to crypto addresses from well-known investor Andrew Kang. As a co-founder of Mechanism Capital, Kang has invested $1 million worth of stablecoins into Arbitrum pools, using much of it to buy the native token of Radiant Capital, a decentralized finance lending platform called RDNT.
Later, Kang exchanged his purchased RDNT tokens for $867,000 worth of ARB. He then invested the proceeds in Radiant Capital to borrow Circle’s USD Coin. These activities led to an increase in ARB price and superior performance of Arbitrum.
However, it remains unclear whether this price rally is sustainable. Due to the dynamics of the crypto market, volatility also causes a question mark in the minds of investors.
55856
