While the cryptocurrency market was moving through stagnant waters during the day, it suddenly attacked. In the last move, the leading cryptocurrency Bitcoin managed to rise above $ 26 thousand. Other altcoins, including the leading altcoin Ethereum, have also entered the green zone. Amid these developments, crypto investment firm Offchain Labs, which is also among the Arbitrum developers, continues to collect ARB tokens from Binance.
Arbitrum developer Offchain Labs is collecting tokens from Binance!
As you can follow from Kriptokoin.com, the crypto market has been following a sluggish course for a while. However, there has been a movement in the last hours. The leading crypto Bitcoin managed to exceed the critical level of $ 26 thousand and the market turned green. Leading altcoin Ethereum is also on the rise. However, it seems that some whale investors took advantage of this when the market was sluggish.
According to the post of analytics platform Spot On Chain, Offchain Labs, one of the developers of Arbitrum (ARB), continues to accumulate ARB tokens. In this direction, the company bought ARB from Binance in its latest move. In his post on his analytical platform X account, he gave the following details about these transactions for the altcoin project:
OffchainLabs raised another 1.217 million ARBs at $0.9 ($1.1 million) from Binance via address 0xb41 an hour ago. In total, Offchain Labs has accumulated:
Last week, it bought 2.279 million ARBs ($2.07 million) from Binance at an average of $0.91. It has also purchased 5.367 million ARB ($5.07 million) from Binance at an average of $0.94 since August 23 after the market crash.
🚨 @OffchainLabs accumulated another 1.217M $ARB from #Binance at $0.9 ($1.1M) via address 0xb41 an hour ago.
In total, Offchain Labs has allegedly accumulated:
– 2.279M $ARB from #Binance at $0.91 on avg ($2.07M) over the past week
– or 5.367M $ARB from #Biannce at $0.94 on avg… https://t.co/KZsGMXp4Zs pic.twitter.com/qlzn4hny4P— Spot On Chain (@spotonchain) September 7, 2023
What awaits the altcoin project while its rival is booming?
Base Network, one of Arbitrum’s (ARB) newest competitors, became the fastest layer-2 Blockchain, reaching 100,000 users on August 24. Thus, he reached an important milestone. Base Network reached this milestone only 56 days after its main-net launch. A few days before the milestone, Arbitrum’s (ARB) daily active addresses dropped to their lowest point ever. Arbitrum’s daily transactions reached 6,500 transactions in the few days between August 19 and August 28. As a result, many fear that Base Network’s increased activity could create more problems for Arbitrum.
On August 19, Arbitrum (ARB) dropped daily active addresses to new lows. During this period, the altcoin was trading at $1.01. On August 22, the ARB fell 4.9% to $0.96 before rising to $1.00 on August 24. At press time, it is trading at $0.9118. Analysts say that if the decline in network activity continues, the altcoin price may fall as low as $ 0.87.
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