Surprisingly, the largest buyer of ARB tokens on the first day of listing, a mysterious whale, has transferred all 9.94 million ARB tokens (now worth $17 million) to Binance. The transfer is usually associated with an intention to sell after the Arbitrum token price surged 40% last week, making it the third most profitable cryptocurrency among the largest cryptocurrencies in terms of market capitalization this week.
Whales initially made headlines on March 24 when they purchased 4.94 million ARB tokens for 3,700 ETH, equivalent to $6.79 million, at an average purchase price of $1.38, becoming the largest buyer of Arbitrum tokens on the first day of listing.
On March 28, the investor received an additional 5 million ARB tokens from Binance, valued at $5.73 million, bringing their total holdings to 9.94 million ARB tokens, valued at $11.33 million at the time.
The reason why the whale decided to move all of its ARB tokens to Binance is unclear, but it has certainly caught the attention of the cryptocurrency community.
Some enthusiasts believe that whales may be trying to take profits after the recent price surge, while others speculate that they may have a long-term strategy. Only time will tell what the whales’ next move will be and how it will affect the cryptocurrency market.
