In a bumpy day for the crypto market, the altcoin Arbitrum (ARB), which has been under the spotlight lately, witnessed significant price movements. Two big whale transactions and all-time lows attracted the attention of traders and investors. Here are the details…
Altcoin whales are on the move
According to Spot On Chain tracking, 7.44 million ARB, equivalent to approximately $6.31 million, moved towards Binance in the last 24 hours. Two important whales were behind this remarkable transfer activity. Giant whale address 0xe97 made its presence felt by transferring a significant amount of 3.8 million ARB tokens to Binance. This big move occurred at an average price of $0.86 per ARB. While this transaction alone attracted a lot of attention, another whale known as Vladilena2.eth was not far behind. Just an hour ago, Vladilena2.eth sent 3.64 million ARB tokens to Binance, at an average price of $0.84 per token.
Additionally, Lookonchain observed that a giant whale dumped 3.8 million ARB (approximately $3.21 million) in exchange for ETH on Binance today, for a loss of approximately $1.3 million. Whale withdrew 17.62 million ARB ($21 million) from Binance on April 4 and April 5, at an average withdrawal price of $1.19. The whale currently holds 13.78 million ARB (approximately $10.97 million). These large transactions indicate that some major players are making strategic moves in the ARB market. But what caused this sudden increase in activity? The answer to this is not yet known.
ARB hits record low
In parallel, OKX market data reported a significant decline in the value of ARB. The token fell to $0.805, marking a new record low. As of the latest data, ARB is currently trading at $0.8066. This sharp decline reflects a 24-hour decline of 5.25%. The combination of these two events raises questions about the general sentiment surrounding ARB. While whales are moving significant amounts of ARB to exchanges, the token’s falling price suggests market sentiment may be bearish.
As with every cryptocurrency, the crypto community is awash with speculation and analysis. Some suggest that these whale movements may be part of a broader strategy, such as potential market manipulation or hoarding of tokens at low prices. On the other hand, the record low can be attributed to various factors such as macroeconomic effects or market sentiment. Traders and investors are closely monitoring ARB’s price movements as this situation unfolds. The cryptocurrency market is known for volatility, and ARB’s recent activity is proof of this.
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