Arbitrum Whale Alert: 18.5M Dollars Tokens Moved After Unlocking 2.3B Dollars

Crypto News- The recent surge of activity among Arbitrum’s heavyweight investors has caught the attention of crypto enthusiasts worldwide. Following the monumental release of vested tokens earlier this month, more whales have joined the fray, moving significant sums onto exchanges.

On March 23, Lookonchain, a leading blockchain data platform, sounded the alarm, detecting four additional wallets funneling ARB tokens into major exchanges after the staggering $2.32 billion unlock on March 16.

Arbitrum Whale Alert: 18.5M Dollars Tokens Moved After Unlocking 2.3B Dollars

In a flurry of transactions, these whales shifted a staggering 11.34 million ARB tokens onto Binance alone, representing a jaw-dropping $18.5 million in value at the time of transfer. The community’s response has been divided, with some dismissing these movements as non-bearish indicators, while others express skepticism about ARB’s future trajectory.

This latest development follows hot on the heels of a similar wave of transfers just a week prior, when 11 whales injected a whopping $58 million worth of ARB tokens into exchanges on March 18.

These maneuvers coincide with Arbitrum’s release of $2.3 billion worth of tokens after the vesting period, with a hefty portion allocated to advisers, team members, and investors. However, the abrupt release of tokens triggered speculation of an impending market dump, casting a shadow over ARB’s price trajectory.

Indeed, the aftermath of the unlock event saw ARB prices plummet from a high of $2.22 on March 13 to $1.84 on March 16. Despite brief fluctuations, with prices oscillating between $1.48 and $1.79 in the past week, ARB currently hovers around $1.70, marking a nearly 29% decrease from its recent all-time high of $2.39 on Jan. 12.

As the dust settles, investors brace for the next chapter of volatility, with Token Unlocks indicating a scheduled release of 92.65 million more ARB tokens on April 16. The saga continues as the crypto community anxiously monitors Arbitrum’s journey through the turbulent seas of the market.