Arbitrum: Price Surges 40% in The Past Week
According to Lookonchain, an unknown individual who purchased many ARB tokens on their first day of release has transferred all 9.94 million tokens, now worth $17 million, to Binance.
This transfer typically indicates a desire to sell, especially after the Arbitrum token’s price rose by 40% during the last seven days, making it the third most profitable cryptocurrency in terms of market cap, according to CoinMarketCap.
The largest buyer of $ARB on the first day of listing transferred all 9.94M $ARB($17M) to #Binance 30 mins ago.https://t.co/KqaiO7an6Ahttps://t.co/X8LOnrzeRJ pic.twitter.com/MaiwlIBReC
— Lookonchain (@lookonchain) April 15, 2023
The individual, who made headlines on March 24 after purchasing 4.94 million ARB tokens for 3,700 ETH ($6.79 million) at an average price of $1.38, was the largest buyer of the Arbitrum token on its first day of trading.
READ MORE: Ethereum’s Positive Indicators: Are We on the Verge of a Major Price Rally?
They received an additional 5 million ARB tokens worth $5.73 million from Binance on March 28, bringing their total holdings to 9.94 million ARB tokens valued at $11.33 million at the time.
It is unclear why the individual transferred all their ARB tokens to Binance, but the move has attracted attention from the cryptocurrency community.
Some believe the individual is looking to take profits following the recent price increase, while others speculate they have a long-term plan.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
