Arbitrum (ARB) Price Spike Draws the Attention of Multiple Whales

  • Both ARB whales ended up walking away with over $100k in profits.
  • ARB is currently trading hands at $1.55 after a 28.32% price increase.

The on-chain analysis platform, Lookonchain (@Lookonchain) shared a post on Twitter this morning about the recent selling habits of Arbitrum (ARB) whales. According to the post, two whales decided to use ARB’s price spike over the last day as a cashing-in opportunity.

A whale known as gay_eth bought 1.4 million ARB recently with 1.61 million USDC at $1.15. The whale then claimed 12,000 ARB and then sold it for 2.16 million USDC at $1.53. At the end of the day, the whale walked away with a $550,000 profit from this transaction.

Another whale, 0x8fe1, bought about 730,977 ARB with 1 million USDC at $1.37. The whale then sold his tokens for $1.1 million USDC at $1.51. This whale made an estimated profit of $105,000.

The crypto market tracking website, CoinMarketCap, indicates that ARB’s price spiked over the last day, which likely looked like the ideal selling opportunity for these ARB whales. At press time, ARB is trading hands at $1.55 after a 28.32% price increase over the last 24 hours.

This 24-hour surge in ARB’s price flipped ARB’s weekly performance into the green. As a result, ARB’s price is currently up more than 30% over the last 7 days. ARB also strengthened against BTC and ETH over the last 24 hours and is 23.18% up against BTC and 14.28% against ETH at press time.

ARB’s 24-hour trading volume is currently in the green zone, and stands at $2,025,511,369 after a whopping 466.11% increase since yesterday. Its market cap of $1,982,286,895 means that ARB is currently ranked as the 35th biggest crypto in terms of market capitalization.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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