An analyst and trader popular with DeFi enthusiasts made a rather unexpected decision today. He bought nearly $1 million worth of altcoins with a single tweet from the project team.
Andrew Kang invested $1 million in this altcoin project
On-chain data shows that the popular trader has purchased around 800,000 Arbitrums (ARBs) worth around $1 million. Kang’s interest in Arbitrum was implied through a tweet in which he discussed the project despite the uncertainty surrounding the altcoin project. The controversy arose when the foundation behind Arbitrum proposed to allocate an additional 750 million ARBs for project expenditures without consulting users. cryptocoin.com We have included the details of the development in this article.
Kang’s investments seem likely to pay off in the long run, as his portfolio is currently estimated to be worth $4 million, with $3.5 million invested in the Arbitrum network alone. The Arbitrum tokens he bought are currently worth approximately $918,000.
Arbitrum faces some market challenges due to controversial proposal
Despite this, Kang’s decision to invest a substantial amount in ARB tokens can be seen as a vote of confidence in the project. This move could encourage other investors to reconsider their positions at Arbitrum and potentially follow Kang’s lead. The foundation’s proposal to allocate additional ARB tokens has raised concerns about the decentralized nature and overall transparency of the project. Critics argue that since some of the allocation is used before voting, the foundation should consult users before making such an important decision.
Despite the controversy surrounding the altcoin, Kang’s investment highlights that some investors still believe in Arbitrum’s potential. His decision to invest a large amount of money in ARB tokens shows he sees potential in the project despite the current uncertainty surrounding the project. Kang’s significant investment in Arbitrum could also affect the general sentiment around the project.
Arbitrum (ARB) tops the overall TPS chart
Alongside the management controversy, Arbitrum has become one of the prominent altcoin networks in the Transactions Per Second (TPS) metric. According to data from L2Beat, Arbitrum One is at the top of the chart alongside the main Ethereum protocol in the TPS rankings.
According to the shared data, the Arbitrum protocol registered 14.89 TPS in the past day and surpassed Ethereum, which was pegged at 12.18. The data also revealed that the maximum recorded daily TPS was fixed at 31.64, which completely exceeded 22.37 for Ethereum. The 30-day number of total transactions was set at 30.26 million, below Ethereum at 31.92 million.
According to data from CoinMarketCap, Arbitrum has maintained quite interesting price movements since its launch, hitting both all-time highs and lows on the same day about 13 days ago. Despite being 89% below $11.80 ATH, the altcoin maintains a steady growth trend that could eclipse its performance in the medium to long term.
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For the rest of the article, Legend Trader Bought This Altcoin After One Tweet!