Smart money, a capital controlled by market experts, prefers a scaling solution built on it over Ethereum (ETH).
ETH investors may be under pressure with Shanghai upgrade
The Ethereum (ETH) ecosystem is gearing up for a major network update called the Shanghai Upgrade, scheduled for April 12. Despite mixed views on Shanghai’s impact on Ethereum price action, its price has gained nearly 50% from last year. It is approaching the $1,900 mark at current levels. However, there are some risks that around 17.9 million Ethereum (ETH) will be released with Shanghai.
As a result, some analysts believe the Shanghai rise could cause selling pressure. On the other hand, other analysts are of the opinion that the Shanghai upgrade will reflect positively on Ethereum as confidence in the protocol increases.
Ethereum whales are chasing new prey
Despite increased regulatory scrutiny, with the SEC claiming that all cryptocurrencies other than Bitcoin are unregistered securities, on-chain data shows Ethereum whales are hunting for high-potential Layer 2 (L2) gems. Moreover, Ethereum (ETH) is considered a large-volume altcoin that is experiencing diminishing returns like Bitcoin.
According to on-chain analysis by Lookonchain, Ethereum whales have intensified their activities on Arbitrum (ARB) tokens since the project inception. Ranked 39th by market cap, Arbitrum (ARB) is a leader in trending crypto projects on both Coinecko and Binance-backed Coinmarketcap.
Lookonchain identifies ETH addresses associated with Amber Group
Notably, three different Ethereum whales were found to be accumulating more, while Amber Group reduced its ARB investors. Interestingly, the largest ARB investor has not made any transfers or attempted to sell, according to on-chain data.
Lookonchain noted that Amber Group has sent approximately $10.3 million worth of ARBs to Binance and OKX centralized exchanges. As a result, the cryptocurrency fund manager currently has around 4.47 million ARBs.
What about ARB? Does altcoin prefer whales?
ARB, which is trading around $1.22, up about 3% in the last 24 hours, could see further gains in future bull markets. Also, Arbitrum has managed to attract large global communities and is quite capable as a tier 2 scaling solution.
With this, cryptocoin.com As we have reported, the Arbitrum Foundation was accused in a recent proposal (AIP-1) of ignoring the will of the community. According to the development, the Foundation spent some of its 750 million ARBs despite the community voting against the move.
As @0xedenau reported on Twitter, “The Arbitrum foundation made a proposal (AIP-1) to allocate 750 million ARB tokens for administrative and operational costs, but ARB holders voted against it. Now they say the vote is just a formality and they have already spent 50.5 million (6.7%) of the proposed 750 million ARBs.”
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.