Today, May 18, Arbitrum’s (ARB) price saw a sharp increase in an unexpected development that sent a wave of excitement across the cryptocurrency market. This abrupt increase corresponds with a significant amount of ARB accumulated by a single whale over the last day, as shown by blockchain data surfacing on the global cryptocurrency horizon.
Moreover, this deal has sparked a wave of bullish market optimism over the cryptocurrency’s potential future price moves, coinciding with ARB’s period of consolidation. Let’s examine the whale data orbiting Arbitrum and the market figures as of right now in more detail.
Binance Whale Takes In More Than $4 Mln ARB.
On the last day, whale 0x695 purchased 4.17 million ARB from Binance, valued at $4.3 million, based on information from multiple on-chain analytics platforms. Additionally, beginning July 2023, this whale has been documented trading ARB, suffering significant losses.
Notably, at an average price of $1.25, the whale purchased 39 million ARB, valued at $49 million. After that, the address lost more than $2 million when it sold 37.5 million ARB at an average price of $1.2. This has sparked a flurry of conjecture on Arbitrum’s potential for profit and the whale’s investment tactics. It’s important to remember that the address still has 5.98 million ARB in it.
Furthermore, “The Data Nerd” showed that a portion of this whale’s ARB holdings is also invested in Compound and AAVE.
Price Jumps for Arbitrum
ARB’s price was up 1.66% from the previous day to $1.02 at the time of writing. Furthermore, it’s important to remember that the token’s 24-hour highs and lows are $1.07 and $1.00, respectively, highlighting the recent approximately 5% advances.
This history has attracted significant attention because Coinglass data revealed an upward tendency in the Arbitrum market at the time of publishing. Following a 69.31% increase in derivatives volume to $400.03 million, ARB’s OI increased by 14.27% to $204.74 million. According to this data, there has been a spike in market trading activity for the token, supported by a significant rise in investor interest in the digital asset.
In addition to the enormous whale accumulation, Arbitrum has caused waves in today’s cryptocurrency world.
