CDS Crypto News Arbitrum Whales Move as $2.32 Billion ARB Token Unlocked
Crypto News

Arbitrum Whales Move as $2.32 Billion ARB Token Unlocked

Arbitrum whales started making token transfers after the massive token unlock.

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Arbitrum Whales Move as $2.32 Billion ARB Token Unlocked

Crypto News – Leading blockchain company Arbitrum (ARB) unlocked an incredible 1.1 billion tokens on March 16, valued at an astounding $2.32 billion.

Arbitrum Whales Move as $2.32 Billion ARB Token Unlocked

This action, which was meant to be distributed among investors, advisors, and the Arbitrum team, has caused a domino effect in the market. Whales, the massive Arbitrum holders, have answered right away. These whales quickly started transferring their digital assets onto other cryptocurrency exchanges as soon as tokens became available.

Although the unlock was a big step forward for Arbitrum, there were concerns expressed about how it would affect investor mood and the token’s market value. A blockchain analysis company called Lookonchain identified the transfer of ARB tokens by many significant holders following unlocking.

At Least 11 Whales Performed Token Transfers

The whole token supply was released instantly as part of the unlocking event, which was dubbed a “Cliff Unlock.” This strategy usually leads to increased selling activity as holders, including team members and original investors, try to profit from their positions. ARB did not buck the custom of price declines after significant unlock events, despite some community members’ high expectations. Some had anticipated that ARB would behave similarly to other unlocks, seeing a rise in price following the unlock event, but ARB performed otherwise.

34 million ARB tokens, worth about $57 million at the time of writing, were moved by at least 11 whales who were detected transferring their tokens into exchanges immediately following the unlock. This behavior raises the possibility that the whales are trying to profit from the unlocked tokens, suggesting that the market may be headed into a bear market.

Arbitrum Whales Move as $2.32 Billion ARB Token Unlocked
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lectertodd

Lectertodd is 25 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

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