Arbitrum Price Jumps 5% As Whale Heavily Bags ARB, What’s Next?
In an unprecedented development, Arbitrum’s (ARB) price has taken a dramatic upward turn today, May 18, sparking a wave of excitement across the broader crypto market. This sudden surge aligns with a substantial amount of ARB being amassed by a single whale in the past 24 hours, as revealed by blockchain data surfacing across the global crypto horizon.
Further, coming in the midst of a consolidation period witnessed by ARB, this transaction has ignited a flurry of optimistic market sentiments surrounding the crypto’s future price movements. Let’s delve deeper into the whale data orbiting Arbitrum and its current market statistics.
Whale Bags Over 4 Mln ARB From Binance
According to insights from numerous on-chain analytics platforms, whale 0x695 accumulated 4.17 million ARB, worth $4.3 million, from Binance in the past 24 hours. Further, this whale has been recorded trading ARB since July 2023, experiencing considerable losses.
Notably, the whale bought 39 million ARB, worth $49 million, at an average price of $1.25. Thereafter, the address sold 37.5 million ARB at an average price of $1.2, suffering a loss of more than $2M. This has stirred a whirlpool of speculations about the whale’s investment strategies and Arbitrum’s potential to offer gains. Meanwhile, it’s worth noting that the address still holds 5.98 million ARB.
In addition, insights shared by ‘The Data Nerd’ spotlighted that some of this whale’s ARB holdings are also staked in AAVE and Compound.
Also Read: Still in ICO Phase, Mollars Token Got 90% The Search Volume of Bonk Inu Memecoin
Arbitrum Price Jumps
As of writing, ARB’s price traded at $1.02, up 1.66% over the past day. Besides, it’s worth noting that the token’s 24-hour lows and highs are $1.00 and $1.07, respectively, underscoring nearly 5% gains witnessed recently.
This chronicle has garnered noteworthy attention, as Coinglass data spotlighted a market uptrend for Arbitrum at press time. ARB’s OI surged 14.27% to $204.74 million, followed by a derivatives volume upswing of 69.31% to $400.03 million. This data highlighted heightened market trading activity for the token, further escorted by a substantial increase in investor interest in the digital asset.
Coupled with the massive whale accumulation mentioned above, Arbitrum has set off waves across the crypto space today.
Also Read: US Leads Global Bitcoin ETF Inflow Of $10B In Q1
The post Arbitrum Price Jumps 5% As Whale Heavily Bags ARB, What’s Next? appeared first on CoinGape.
Welcome to Billionaire Club Co LLC, your gateway to a brand-new social media experience! Sign up today and dive into over 10,000 fresh daily articles and videos curated just for your enjoyment. Enjoy the ad free experience, unlimited content interactions, and get that coveted blue check verification—all for just $1 a month!
Account Frozen
Your account is frozen. You can still view content but cannot interact with it.
Please go to your settings to update your account status.
Open Profile Settings