The cryptocurrency market seems to be dominated by bulls in recent days. One of the cryptos that performed well in the market was undoubtedly Arbitrum (ARB). The altcoin has gained 40% in a week. This may have created a suitable position for profit taking. Seeing this rise as an opportunity, a giant whale transferred 10 million ARB to Binance.
As the altcoin price rose, the whale dumped ARBs on Binance!
According to data from on-chain tracking platform Lookonchain, a mysterious whale, which was the largest purchaser of ARB tokens on the first day of the listing, transferred all 9.94 million ARB tokens, currently worth $17 million, to Binance, in a surprising move.
According to CoinMarketCap, the altcoin price rose 40% last week, making it the third most profitable cryptocurrency of the week among the largest cryptocurrencies by market cap. Therefore, the transfer in question is associated with an intent to sell.
Whale first made headlines on March 24 as the largest buyer of the Arbitrum token on the first day of the listing, purchasing 4.94 million ARB tokens equivalent to $6.79 million for 3,700 ETH at an average purchase price of $1.38. A few days later, on March 28, the investor bought another 5 million ARB tokens worth $5.73 million from Binance, bringing their total holdings to 9.94 million ARBs worth $11.33 million at the time.
The reason behind the whale’s decision to transfer all of its ARB tokens to Binance is unclear. That said, it sure has caught the attention of the crypto community. Some enthusiasts believe the whale may be trying to take profits after the recent price hike. Others think they may have a long-term strategy in mind. Only time will tell what the whale’s next move will be and how it will affect the cryptocurrency market.
Arbitrum holders AIP opposes 1.05: What does this mean?
cryptocoin.com As we have reported, the largest holders of ARB tokens and contributors to ArbitrumDAO have decided not to return 700 million ARB tokens to the DAO treasury. AIP 1.05 progress reflects the conflict between large and small Arbitrum (ARB) holder groups. Arbitrum Improvement Proposal (AIP) 1.05 failed as 84% of voters decided to vote against the application.
Therefore, holders of more than 118,000,000 ARB tokens have blocked the approval of AIP 1.05, saying that they do not want 700 million ARB shares (over $1.16 billion equivalent) to be returned to the treasury. It is clear that the biggest ARB holders (“whales”) are blocking the offer. Almost 60% of the 118 ARBs belonging to AIP 1.05 counterparts are stored in just five wallets.
In the early days of the voting procedure, when the minors voted, the decision to approve AIP 1.05 was leading by a 65% majority. However, when the whales arrived, the situation changed. Before cryptocoin.com As you reported, the decision to voluntarily distribute hundreds of thousands of ARB tokens has angered all groups within the Arbitrum (ARB) community. To address these concerns, the Arbitrum Foundation reconsidered the agenda of its first AIPs in a more inclusive and democratic way.
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.