Token

Arbitrum

Millions

April

In March, a significant movement of <a href="https://arbitrum.io/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Arbitrum</a>‘s ARB tokens into exchanges was observed, particularly following the release of a considerable volume of vested tokens.
Lookonchain, a blockchain data platform, reported on March 23 that four wallets had moved ARB tokens to exchanges, subsequent to a $2.32 billion token unlock on March 16.
Specifically, 11.34 million ARB tokens, valued at $18.5 million, were deposited into Binance across four transactions.
The crypto community has been divided over these transactions. One member did not see it as a negative indicator, while another expressed skepticism about ARB’s potential to appreciate.
This followed a previous instance where 11 whales deposited significant amounts of ARB into exchanges on March 18, after Arbitrum, a layer-2 blockchain initiative, unlocked $2.3 billion in tokens.
READ MORE: <a href="https://www.cryptointelligence.co.uk/hospitality-worker-convicted-in-uks-largest-bitcoin-money-laundering-case/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Hospitality Worker Convicted in UK’s Largest Bitcoin Money Laundering Case</a>
The allocation included 673.5 million ARB for team and advisers, with another 438.25 million for investors, all released at once, raising concerns of a potential market dump.
Subsequent to the token release, ARB’s price trajectory has been downward. From a high of $2.22 on March 13, it fell to $1.84 by the unlock date, March 16.
The following week saw fluctuations, reaching a low of $1.48 and a high of $1.79, with a price of $1.70 at the time of reporting.
According to CoinGecko, this marked a nearly 29% decrease from its January 12 all-time high of $2.39.
This series of events and the market’s response have hinted at a potential continuation of the bearish trend.
Adding to the speculation, Token Unlocks, a vesting tracker, revealed that another 92.65 million ARB tokens are set to be released for advisers, the team, and investors on April 16, which could further impact the market dynamics.
To submit a <a href="https://www.cryptointelligence.co.uk/category/press-releases/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto press release (PR)</a>, send an email to <a href="mailto:sales@cryptointelligence.co.uk" rel="noopener noreferrer nofollow">sales@cryptointelligence.co.uk</a>.

Arbitrum Whales Move Millions in Tokens to Exchanges Amid Market Speculation, Triggering Mixed Community Reactions

Crypto Intelligence

Other articles published on Mar 27, 2024

Crypto Buzz: Dogecoin's Adam&Eve Pattern Breakout Signals Long-Term Growth

BlackRock’s Move Ignites Interest in Tokenized Real World Assets

Fidelity Proposes Staking-Enabled Ethereum ETF in SEC Filing

How Shiba Inu ‘outperformed’ Vitalik Buterin’s expectations

$MAGA Coin Primed for New Break-Out — IsTrump Back? $GFOX to Hit $6M Mark This Month

Mobility in Bitcoin Continues: 2,000 BTC That Have Not Been Moved Since 2010 Have Been Transferre...

Join our free newsletter for daily crypto updates!