23 Whales Hold Over $1 Million in Arbitrum

According to data shared by Lookonchain, a total of 23 whale wallets held more than $1 million in Arbitrum (ARB) tokens as of the weekend of April 10-17.

As data shared by Lookonchain shows, whales have bought and sold ARB tokens over the past week. Three whale accounts have decided to sell over 22 million ARBs, while nine other accounts have collectively purchased over 12 million tokens.

The amount of ARB held by whales exceeds $1.6 million, and the price of ARB is hovering around $1.76 at press time.

Source: TradingView

Over the past seven days, three whale accounts sold approximately 22.8 million ARB tokens, worth approximately $38 million. Prices are $1.37 and $1.69, respectively.

On the other hand, 9 whale wallets bought 12.4 million ARB, totaling over $21 million. Most of the money was bought when the ARB price was between $1.20 and $1.50. Meanwhile, 11 whales did not sell or buy ARB.

Arbitrum recently lost over 1 million tokens due to a March 31 phishing attack. A few days later, the project team stated that they had to sell 10 million ARBs to cover operating costs.

Although Arbitrum managed to create some hype around the project with an airdrop of 112.8 million ARB in mid-March, the price of ARB also dropped by 90% as over 160,000 addresses claimed over 300 million ARB tokens.


According to Cryptoslate

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