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Korean Stock Exchanges Prepare for Rising Demand as Whale Sells 930,000 ARB!
KEY POINTS:
Approximately 933,000 ARB tokens were converted to Ethereum.
Korean exchanges may accumulate ARB.
ARB prices rose marginally but are still 85% below airdrop
A large amount of the newly launched Arbitrum ARB token was sold by a single whale. However, it did not have much impact on the daily price movement.
Could Arbitrum ARB Airdrop Reduce Price?
Airdrops usually involve tokens being sold to markets fairly quickly. This results in a huge drop from the launch price in a very short time.
On March 31, a single whale converted almost a million ARB tokens into Ethereum. Currently, 933,375 ARB tokens were exchanged for 708 ETH a few hours ago. Additionally, the transaction was valued at approximately $1.27 million at current prices.
Arbitrage ARB Token Swap
Additionally, the movement was observed by "Lookonchain" and its presence was described as a "super airdrop hunter".
Observers speculated that the Arbitrum hacker had drained his winnings.
Are Korean Stock Exchanges Accumulating Arbitrum?
On-chain analytics feed found another super airdrop hunter on March 24, receiving $1.9 million at an ARB value of 1.4 million. These were sent to Uniswap to provide liquidity but have not yet been sold or converted.
The Arbitrum airdrop took place on March 23, when the token's initial price was $8.60. However, in true airdrop fashion, most of them were sold immediately, causing an 85% price drop and have yet to recover.
According to industry outlet Wu Blockchain, Korean crypto exchange Upbit may accumulate ARB tokens. Wu reported on March 31 that the address had accumulated a large amount of ARB in the past day and added:
"Now holding 59M ($84.4M) ARB, based on activity, it may be Upbit's hot wallet. This Korea's largest exchange now holds the most ARB after Binance."
This may indicate that Korean exchanges are expecting an increase in demand for Arbitrum tokens.
According to L2beat, Arbitrum One is still the most popular layer-2 network in terms of total value locking. L2 market share is 67% and TVL is $6.13 billion. However, the increase occurred on the same day as the airdrop, suggesting that its own tokens accounted for approximately $2 billion of this.
Arbitrum (ARB) Price Outlook
Arbitrum (ARB) is currently trading at $1.39, up 3.7% on the day. However, it has plateaued at current levels since the massive drop after the airdrop.
ARB is 84% off its peak price and appears to have found its equilibrium point. Of the total 10 billion tokens, 1.27 billion are in circulation. At the time of writing, its market cap is approximately $1.77 billion.
