According to on-chain data, there have been four whales actively purchasing $ARB, with one whale in particular becoming the largest individual holder of the cryptocurrency. Andrew Kang, known as @Rewkang on Twitter, bought 1.51 million $ARB with 1.85 million $USDC at a price of $1.23, bringing his total purchase of $ARB to 2.3 million with an average buying price of $1.24. In total, Kang spent 2.85 million $USDC on his $ARB purchases.
One of the other whales, who has received a total of 5.86 million $ARB (valued at $7.15 million) from http://Gate.io, currently holds a total of 17.62 million $ARB (valued at $21.5 million). This individual has continually purchased $ARB and has become the largest holder of the cryptocurrency.
Additionally, this same whale recently purchased 795,381 $ARB with 1 million $USDC at a price of $1.26, and currently holds 10.6 million $ARB (valued at $12.94 million). Another whale identified as “0xe04d” received 532,012 $ARB (valued at $661K) and currently holds a total of 4.58 million $ARB (valued at $5.59 million).
These continuous purchases by whales may indicate positive sentiment and confidence in the future of $ARB. As always, caution is advised when investing in cryptocurrency and one should conduct thorough research before making any investment decisions.
$ARB represents the cryptocurrency known as “Arbitrum” and serves as the ticker symbol for it. Arbitrum is a scaling solution for Ethereum blockchain that functions as a Layer 2 platform. Its primary goal is to enhance transaction throughput, lower gas fees, and enrich the user experience. The platform employs an approach called “optimistic rollups,” which collects and processes transactions off the main Ethereum chain before returning them to the Ethereum network.