Ethereum (ETH) layer-2 solution Arbitrum (ARB) has experienced serious declines in the shadow of whale sales.
ARB was one of the projects that lost the most value in the last 24 hours. Reported by on-chain analysis platform Spot On Chain to data According to him, one of the factors that triggered this decline was the decentralized finance protocol. (DeFi) Convex Finance’s sales happened.
The data comes from Convex Finance, which took action on February 22. $1.63 million worth 901,392 ARBs He showed that he was selling. Sales decentralized exchanges (DEX) Uniswap And 1inch was carried out through.
Protocol these assets April 2023 on Arbitrum DAO from airdrop had taken it. The value of the assets at that time is only 1.2 million it was dollars. There was no official statement from Convex Finance regarding the sales.
According to CoinGecko data, on February 21-22 10% drop living ARB, $2.01 from level for $1.80 decreased by . ARB while writing from $1.84 is being traded.