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In an unprecedented development, Arbitrum’s (ARB) price has taken a dramatic upward turn today, May 18, sparking a wave of excitement across the broader crypto market. This sudden surge aligns with a substantial amount of ARB being amassed by a single whale in the past 24 hours, as revealed by <a href="https://coingape.com/glossary/blockchain/" target="_blank" rel="noopener noreferrer nofollow">blockchain</a> data surfacing across the global crypto horizon.
Further, coming in the midst of a consolidation period witnessed by ARB, this transaction has ignited a flurry of optimistic market sentiments surrounding the crypto’s future price movements. Let’s delve deeper into the whale data orbiting Arbitrum and its current market statistics.
<h2 id="whale-bags-over-4-mln-arb-from-binance">Whale Bags Over 4 Mln ARB From Binance</h2>
According to insights from numerous on-chain analytics platforms, whale 0x695 accumulated 4.17 million ARB, worth $4.3 million, from <a href="https://coingape.com/binance-news-labs-9m-gmt-transfer-raises-selloff-speculations-gmt-price-crashes-14/" target="_blank" rel="noopener noreferrer nofollow">Binance</a> in the past 24 hours. Further, this whale has been recorded trading ARB since July 2023, experiencing considerable losses.
Notably, the whale bought 39 million ARB, worth $49 million, at an average price of $1.25. Thereafter, the address sold 37.5 million ARB at an average price of $1.2, suffering a loss of more than $2M. This has stirred a whirlpool of speculations about the whale’s investment strategies and Arbitrum’s potential to offer gains. Meanwhile, it’s worth noting that the address still holds 5.98 million ARB.
In addition, insights shared by ‘The Data Nerd’ spotlighted that some of this whale’s ARB holdings are also staked in AAVE and Compound.
Also Read: <a href="https://coingape.com/still-in-ico-phase-mollars-token-got-90-the-search-volume-of-bonk-inu-memecoin/" target="_blank" rel="noopener noreferrer nofollow">Still in ICO Phase, Mollars Token Got 90% The Search Volume of Bonk Inu Memecoin</a>
<h2 id="arbitrum-price-jumps">Arbitrum Price Jumps</h2>
As of writing, ARB’s price traded at $1.02, up 1.66% over the past day. Besides, it’s worth noting that the token’s 24-hour lows and highs are $1.00 and $1.07, respectively, underscoring nearly 5% gains witnessed recently.
This chronicle has garnered noteworthy attention, as Coinglass data spotlighted a market uptrend for Arbitrum at press time. <a rel="noopener noreferrer nofollow" href="https://www.coinglass.com/currencies/ARB" target="_blank">ARB’s OI</a> surged 14.27% to $204.74 million, followed by a derivatives volume upswing of 69.31% to $400.03 million. This data highlighted heightened market trading activity for the token, further escorted by a substantial increase in investor interest in the digital asset.
Coupled with the massive whale accumulation mentioned above, Arbitrum has set off waves across the crypto space today.
Also Read: <a href="https://coingape.com/us-leads-global-bitcoin-etf-inflow-of-10b-in-q1/" target="_blank" rel="noopener noreferrer nofollow">US Leads Global Bitcoin ETF Inflow Of $10B In Q1</a>
The post <a href="https://coingape.com/arbitrum-price-jumps-5-whale-heavily-bags-arb-what-next/" rel="noopener noreferrer nofollow">Arbitrum Price Jumps 5% As Whale Heavily Bags ARB, What’s Next?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Arbitrum Price Jumps 5% As Whale Heavily Bags ARB, What’s Next?

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