đ„đ„Arbitrum Price Jumps 5% As Whale Heavily Bags ARB, Whatâs Next?
In an unprecedented development, #Arbitrum âs (#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.
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 whaleâs investment strategies and Arbitrumâs potential to offer gains. Meanwhile, itâs worth noting that the address still holds 5.98 million ARB.
In addition, insights shared by âThe Data Nerdâ spotlighted that some of this whaleâs ARB holdings are also staked in AAVE and Compound.
Arbitrum Price Jumps
As of writing, ARBâs price traded at $1.02, up 1.66% over the past day. Besides, itâs worth noting that the tokenâs 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. ARBâs 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.