Whales are constantly accumulating millions of Arbitrum (ARB) instead of other altcoins
Millions of Arbitrum (ARB) – a blockchain scaling solution built on top of the Ethereum network – were purchased by wealthy investors barely a day after the Polygon competitor released tokens to eligible users.
Lookonchain provides the top five Arbitrum whale trades in the last day, totaling 13.31 million ARB valued at $17.54 million. A crypto whale traded 3,700 Ethereum worth $6.79 million for 4.94 million ARB in one of the most significant Arbitrum transactions in the recent 24 hours.
Bought 1.49M $ARB with 1.99M $USDC, the average buying price is $1.33. pic.twitter.com/3xnHKwZhu3
— Lookonchain (@lookonchain) March 24, 2023
According to the on-chain data-tracking firm, the primary business paid $1.38 on average for the large ARB stack. Lookonchain claims that crypto whales used stablecoins USD Coin (USDC) and Tether (USDT) to collect millions of dollars in the other four significant transactions.
At an average purchase price of $1.28, one whale purchased 2.74 million ARB with 3.52 million USDC. The whale then utilized the Huge treasure to provide liquidity on the decentralized exchange Uniswap (UNI), earning $1.77 million in trading fees, according to the blockchain-tracking website.
Another whale paid $3.56 million in USDC and USDT for 2.61 million ARB at an average entry price of $1.28. A fourth cryptocurrency whale amassed 1.53 million ARB and 1.95 million USDC at an average entry price of $1.28. The last whale purchased 1.49 million ARB for $1.99 million USDC at an average price of $1.33.
Arbitrum whale purchasing came just one day after the crypto project’s much-anticipated airdrop on March 23rd. On the same day, blockchain researcher Arbiscan revealed that daily transactions on Arbitrum had reached an all-time high of 2,733,872.
Source: Lookonchain/ Twitter
In another development, Lookonchain noticed a whale exchanging all GMX positions for ARB. The whale bought 12,445 GMX ($927K currently) with 300 ETH ($498K) for $40. Then bought 665,947 ARB with the 12,445 GMX, and the buying price was $1.39.
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