Crypto News – The recent ARB token accumulation trend of a large number of cryptocurrency holders, so-called whales, has attracted a lot of attention. This trend actually reflects a very significant support for the Arbitrum ecosystem. On the other hand, the fact that whales are accumulating tokens even if the Arbitrum price falls seems to be a harbinger that ARB will rise again.
ARB Token Whales on the Move
Data from Lookonchain shows that a well-known whale just bought 2.28 million ARB tokens through FalconX, for a total estimated worth of $1.86 million. On 9/14, these tokens were transferred from Binance to FalconX and then to another address. Around $0.81 is the whale’s estimated average procurement cost per unit.
On September 11, ARB dropped to $0.74 as a result of a downward trend in the crypto market as a whole, which also saw Bitcoin dip under $25,000 at the time. The coin bounced back, though, with buyers showing interest at about $0.87 before the price settled at $0.82.
What could be the Reason for the Whales’ Interest in Arbitrum?
By introducing the Chainlink Cross-Chain Interoperability Protocol (CCIP) mainnet on its Arbitrum One chain, Arbitrum, a prominent Ethereum Layer 2 scaling solution, recently made a significant advancement. This enhancement is anticipated to improve user experiences and draw more developers to the ARB ecosystem. These developments have contributed to the recent increase in the price of ARB.
Due to its role in reducing Ethereum’s network congestion and high gas fees, the network’s allure to whales is clear. Notably, the protocol has added a cutting-edge feature that enables users to safeguard against “Impermanent Loss,” a crucial risk management tool that benefits big-time traders and investors.
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