Whales Are Accumulating ARB Despite the Crypto’s Rough Past Week

  • Many other whales are also making it a priority to accumulate ARB.
  • ARB is currently trading hands at $1.15 after an 8.66% drop in price.

The on-chain analysis platform, Lookonchain, took to Twitter earlier this morning to share more about one of the largest Arbitrum (ARB) buyers. According to the post, the largest buyer of ARB on the first day of listing received 5 million ARB, worth about $5.73 million, from Binance just over eight hours ago.

ARB transactions (Source: Loononchain)

At the moment, this whale holds $9.94 million ARB. This is estimated to be worth $11.33 million currently. A recent thread by the analysis platform also revealed that many whales are interested in accumulating ARB, with the top 5 biggest whales all buying more than 1 million tokens.

Today, ARB occupies the top spot on CoinMarketCap’s trending list, but unfortunately not for the best reasons. ARB is currently trading hands at $1.15 after an 8.66% drop in price over the last 24 hours. ARB also reached a low of $1.12 and a high of $1.27 over the same time period.

Looking at ARB’s weekly performance, it is clear that the altcoin has some work to do as the crypto is currently down by more than 90% over the last week. The trading volume of ARB is in the red zone at the moment, and now stands at $974,964,055 after a more than 8% decline since yesterday.

With its market cap of $1,468,057,754, ARB is currently ranked as the 38th biggest crypto in terms of market capitalization. This places the altcoin right behind ApeCoin (APE) in the 37th position and in front of Quant (QNT) which is ranked 39th.

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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