Arbitrum (ARB) Whales Intensifies On-Chain Activity; Is It Time to Buy or Sell?

The post Arbitrum (ARB) Whales Intensifies On-Chain Activity; Is It Time to Buy or Sell? appeared first on Coinpedia Fintech News

Arbitrum ($ARB) network, an Ethereum layer 2 scaling solution that uses optimistic rollups to achieve high throughput, has attracted significant attention from cryptocurrency traders since its much-hyped airdrop.

According to the latest market data, Arbitrum ($ARB) – which is currently trading on  Binance, OKX, Bybit, Bitrue, and BTCEX – reported a daily traded volume of about $1,397,327,284 on Friday.

Interestingly, the $ARB tokens have a market capitalization of approximately $1.7 billion, thus making it have a high potential for high volatility in the coming weekend and weeks ahead.

According to aggregate data provided by Defillama, the Arbitrum network is the fourth in total value locked after Ethereum, Tron, and Binance. As of Friday, the Arbitrum network reported a total of $2.24 billion in total value locked.

Already, top decentralized financial ecosystems like Uniswap V3, Sushi, GMX, and AAVE V3 have launched on the Arbitrum chain. Meanwhile, Web3 developers have launched DEXes, including Camelot protocol, ZyberSwap, and Vela Exchange.

/Growth

> Less than 24 hours after launch, TVL passed 700k with the majority of Vaults at capacity

> Since then, TVL has grown steadily with peak TVL reaching $3.0M+https://t.co/qHsXfF536O

— Sector Finance (@sector_fi) March 30, 2023

Arbitrum Whale Activity on the Rise

According to the on-chain analytics platform santiment santiment On-Chain , $ARB whale addresses have intensified their trading activities in the recent past. For instance, an Arbitrum whale identified as Amber transferred 11.2 million $ARB worth approximately $15.8 million to OKX and Binance. Reportedly, the Amber $ARB whale currently holds 4.47 million Arbitrum tokens worth about $6.3 million.

1/ Are whales/institutions buying or selling $ARB?

– Amber reduced most of $ARB holdings,

– 3 whales are accumulating $ARB,

– The largest buyer continued holding $ARB and didn't transfer any $ARB out.

— Lookonchain (@lookonchain) March 31, 2023

Reportedly, the largest Arbitrum whale holds 9.94 million $ARB tokens worth $14 million. With more Arbitrum whales withdrawing  $ARB tokens from centralized exchanges like Binance and OKX, the price could gain momentum amid an expected altcoin rally in the coming weeks.

6/ The largest buyer of $ARB is still holding 9.94M $AR($14M) and didn't transfer any $ARB out.https://t.co/X8LOnrzeRJ pic.twitter.com/LeX7wb4Ehg

— Lookonchain (@lookonchain) March 31, 2023