Arbitrum millionaires buy more governance tokens as grant distributions begin. Amid these developments, cryptocurrency millionaires continue to accumulate ABR. This also supports the price of ARB.
Cryptocurrency whales are collecting ARBs!
Arbitrum has started distributing governance tokens to eligible decentralized autonomous organizations (DAOs). After that, some large token holders, often referred to as whales, add to their stacks. Earlier today, an address with 1.95 million Arbitrum governance tokens worth approximately $2.7 million received approximately $200,000 ARB from Binance. According to the on-chain analytics platform Lookonchain, the price of a token at the time was $1.38.
Recently, a second address with 1.78 million ABB worth $2.5 million spent 80 ETH to purchase approximately $146,000 worth of tokens at $1.34 per token. Lookonchain also noted that the second address has earned more than $7.3 million from successful transactions.
Arbitrum distributes governance tokens to DAOs
Ethereum’s leading Tier-2 network, Arbitrum, began issuing governance tokens to DAOs earlier this week. The core team previously identified 1.13% of the total supply of 10 billion governance tokens (equivalent to 113 million ARBs with a current value exceeding $145 million) to be distributed among qualifying projects in the Arbitrum ecosystem.
The distribution of governance tokens to DAOs is intended to help boot activities on the Arbitrum network. Tokens may be allocated to the treasury of projects or used for other purposes, as determined by the respective DAOs. Projects receiving governance tokens include Uniswap, Sushi, Aave, GMX, Hop Protocol, Radiant Capital, Balancer, Synapse, MakerDAO, Curve, Layer Zero and 1inch.
A flawed start
cryptocoin.comAs you follow, Arbitrum’s management got off to a rocky start after the project’s foundation preemptively spent 50 million tokens without waiting for Arbitrum Improvement Proposal 1 to pass. After the news broke, attendees rejected AIP-1. However, the next proposal, AIP 1.1, was accepted with the community generally consenting to the foundation’s acquisition of 750 million ARB tokens as planned.
Cryptocurrency price rose 11%, here’s why!
Arbitrum (ARB) has become one of the high-performing cryptocurrencies today. The protocol is leading the Layer-2 momentum in particular, reaching $1.48, up 11.63% in the last 24 hours. The revival in Arbitrum isn’t just dramatic. It also helps to regain some of their lost value since last year.
Current Arbitrum growth is fueled by broader bullish market sentiment. However, the ARB has a number of natural ecosystem trends engineered by whale investors. Arbitrum’s move to distribute governance token rewards to some of its core participants has resulted in higher accumulation across the board. Some of these whales get bonuses and this is fueling the sale of some. However, many people also add to their bags.
The Arbitrum ecosystem is arguably the most profitable in the Ethereum Layer 1 ecosystem at the moment. Sentiment also contributes to the untracked individual accumulation of cryptocurrency. Alongside the immediate benefits achieved through token distribution, Arbitrum is also seeing the emergence of impressive decentralized applications to help expand the overall utility of its proprietary technology.
Race towards the Arbitrum and the new ATH
Like most competing Layer 2 protocols, Arbitrum is a relatively new network. Therefore, the token price is still seeking stability. The cryptocurrency reached an all-time high price of $11.80 exactly one month ago. However, it soon lost more than 87% in value, falling back to its current level. According to L2Beat data, Arbitrum ranks high as an L2 in terms of both transaction count and gas fees. On the other hand, he may not be able to retest his ATH until a new bull market is confirmed. At its current price, the coin stands 30% above its lowest price point. This makes it a win-win for its early backers.
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