According to a market watcher on Twitter, the Upbit cryptocurrency exchange is the rightful owner of the accumulating EOA. According to information from arbiscan.io, the address currently has 59 million ARB tokens valued at roughly $82.8 million.
The Second-Largest Exchange and Holder of ARB Tokens were Found to be Upbit
The market tracker tweeted that this unexpected buildup has made Upbit the second-largest exchange holding ARB tokens, behind only Binance.
Trading volume and market capitalization have significantly increased over the previous 24 hours as a result of Upbit’s accumulation, which is probably what investors and traders are paying attention to. Trading in ARB reached over $1.4 billion, up from just $696 million two days prior, according to data from the market monitoring tool CoinMarketCap.
About ARB
It should be noted that ARB is the native currency of the Arbitrum Layer 2 scaling solution for the Ethereum blockchain, which went live last week and airdropped over 1.2 billion coins to qualified users. Moreover, exchanges including Binance, Bitfinex, OKX, Kraken, Bybit, KuCoin, and Huobi received 40 million ARB “for testing” prior to its introduction.
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