Large buyer transfers $17 million worth of ARB tokens to Binance.
The ARB token has garnered interest since the launch of Arbitrum.
The Arbitrum community voted against returning 700 million ARB tokens.
Lookonchain, a cryptocurrency firm that analyzes and tracks data, recently announced on Twitter that a substantial amount of Arbitrum (ARB) had been transferred to Binance.
The transaction was carried out by the largest buyer of ARB tokens on the Arbitrum listing, who transferred 9.94 million ARB tokens. It is valued at $17 million and was shifted to Binance. This development has caught the crypto community’s attention, as it indicates a growing interest in ARB tokens and their potential.
The largest buyer of $ARB on the first day of listing transferred all 9.94M $ARB($17M) to #Binance 30 mins ago.https://t.co/KqaiO7an6Ahttps://t.co/X8LOnrzeRJ pic.twitter.com/MaiwlIBReC
— Lookonchain (@lookonchain) April 15, 2023
It is currently unknown why the buyer took this action, but reports from earlier in March revealed that the buyer had received a staggering 5 million Arbitrum tokens, which equates to approximately $5.73 million, from Binance. This suggests that the buyer may have been a large investor or trader in the cryptocurrency market, looking to diversify their portfolio with different tokens.
Cryptocurrency investors and traders worldwide have shown great interest in the ARB token since the Arbitrum network was launched. However, the network has not been without its challenges. Recently, TheNewsCrypto reported that the official Twitter account of the Arbitrum Network was suspended. This occurred because the network was mistakenly flagged as spam while being swept up with other offending accounts.
The Arbitrum community has recently made a significant decision by voting against returning 700 million ARB tokens to the treasury. These tokens were allocated unjustly to the Foundation from the DAO, and as a result, the community has chosen to return them. This proposal, known as Arbitrum Improvement Proposal 1.05, has been actively discussed and debated within the community.
ARB Price Movement in Last 24 Hours
CoinMarketCap’s data shows that the ARB token experienced a bullish sentiment in the last 24 hours, with a price increase of 0.66%. Currently, the ARB token is being traded at $1.6537.
However, there are indications that a bearish sentiment may soon emerge in the ARB market.
This is due to the significant decrease in trading volume, which has dropped by 34.10% to $1,759,849,119. Despite this, the market capitalization has slightly increased from 0.30% to $2,107,324,542. The support level is $1.64, while the resistance level is $1.73.
