Crypto Whale Allocates $1.5 Million in Ethereum to Secure 1.61 Million ARB Tokens, Driving ARB’s Surge

Crypto Whale Allocates $1.5 Million in Ethereum to Secure 1.61 Million ARB Tokens, Driving ARB’s Surge

Crypto News – Earlier today, the on-chain analytics platform, Lookonchain, shared a post revealing a significant investment by a high-value cryptocurrency holder using Ethereum (ETH) to acquire Arbitrum (ARB) tokens. According to the report, the investor utilized 843 ETH, valued at approximately $1.5 million, to acquire 1.61 million ARB tokens at a price of $0.95 per token.

This substantial investment has marked a week-long show of support for ARB, as data from Lookonchain indicates that the whale has been providing liquidity to the ARB market since October 23, generating income from trading fees. It is plausible that this whale’s consistent support has contributed to the recent surge in ARB’s price over the last 24 hours.

CoinMarketCap data shows that ARB’s price has risen by 3.12% since yesterday, reaching a trading price of $0.9634 and even briefly reaching a high of $0.9809. Additionally, ARB’s 24-hour trading volume has surged by 50.92%, reaching $259,334,743. These price and trading volume increases have propelled ARB’s market capitalization to $1,230,439,798, making it the 41st largest cryptocurrency by market capitalization.

The growing interest in ARB among major investors can be attributed to its ongoing efforts to enhance compatibility and flexibility. Arbitrum has recently introduced a layer three solution called Orbit, enabling developers to deploy software written in languages such as C++ and Rust.

Other projects within the Arbitrum ecosystem, like 3xcalibur and Arbswap, have also likely caught the attention of significant investors. 3xcalibur functions as a liquidity marketplace on Ethereum, employing the Tri-AMM architecture to facilitate stable swaps, variable swaps, and the lending and borrowing of ERC-20 tokens.

Arbswap, on the other hand, is a decentralized exchange (DEX) tailored for the world of gaming finance. Another noteworthy Arbitrum project is Badger, a decentralized finance (DeFi) platform with the mission of bridging Bitcoin to Ethereum and other blockchain networks.