There has been a remarkable series of transactions on the popular exchange platform Binance. A major investor in the stock market has bought a hefty amount of the popular altcoin Arbitrum (ARB). Thus, a crypto whale investor has accumulated a significant number of ARB tokens. This created a significant excitement in the market and affected the value of the cryptocurrency. Here are the details…
ARB move from Binance whale
Arkham Intelligence has revealed the trading history of this whale. Just four days ago, the investor created a new address (0x37bF2A67c4c2C492d582f59AdEB5186719De738f) and pulled an astonishing 1.5 million ARB tokens from Binance. At that time, the tokens were worth approximately $1.76 million, with a purchase price of $1.07 per ARB.
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
Increasing the excitement even more, the whale investor made another significant withdrawal from Binance about 13 hours ago. This time, it pulled 1 million ARB tokens worth about $1.18 million. As a result, the investor currently has an impressive portfolio of 2.5 million ARB tokens with an estimated value of $3.01 million. The average purchase price for these tokens hovers around $1.13.
ARB distributes tokens with airdrop
Interestingly, two weeks ago Arbitrum held an airdrop. Thus, it distributed approximately 90.15 million tokens to 131 DAO addresses with a total value of $118 million. During this event, a whale named TRIDENT sold 131,345 ARB tokens, as reported by Lookonchain. This had a negative impact on the price of ARB. This strategic move by the whale investor, which includes millions of dollars of withdrawals, is considered a strong demonstration of their confidence in ARB’s future potential. Notably, the ARB token has surged 12.91 percent over the past seven days, following the previous all-time low of $1.06.
The investor carefully calculated the average purchase price, which is estimated at $1.13 per ARB token. Thus, it demonstrates a well-thought-out approach to minimizing costs and maximizing assets. This calculated strategy caught the attention of the cryptocurrency community and sparked significant speculation and controversy. As a result, the value of ARB was directly affected by this whale investor’s accumulation strategy. According to CoinMarketCap, the token is currently experiencing a significant rise, with its price reaching an impressive $1.19 per token. ARB’s market cap is currently $1,520,777,905, while trading volume in the last 24 hours has reached $310,180,970.
In light of these developments, crypto enthusiasts are eagerly watching to see how the market will continue to react to the actions of this whale investor. The accumulation of such significant amounts of ARB tokens has undoubtedly contributed to the increased interest surrounding this cryptocurrency. We will continue to convey the movements of whales, which are big investors, as Kriptokoin.com.
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