U.Today - Twitter account @lookonchain@ that tracks transactions of "Smart Money" and whale wallets has noticed that, recently, a whale has received from two top crypto exchanges — Binance and Gate.io — presumably withdrawing the tokens after purchasing them.
According to the tweets, the whale bought roughly 3.67 million Arbitrium from Binance and Gate.io when the token's price went up to the $1.48 level. The purchase was worth $5.4 million.
Later on, the same wallet withdrew 827,766 ARB (evaluated at $1.16 million) from Gate.io. At present, this whale's wallet contains a total of 4.53 million Arbitrum. That is the equivalent of $6.34 million.
Earlier today, the ARB price took a dive from a peak of $1.49 to $1.34, according to CoinMarketCap. By now, the price has managed to recover a little and is sitting at $1.4094.
Recently, U.Today reported that ARB experienced a rise by nearly 12% as whales began to accumulate this token. Prior to that, Arbitrum made an ARB to 131 DAO addresses.
One of them, dubbed TRIDENT, immediately sold 131,345 ARB at the price of $1.31 via three wallets after receiving its portion of the airdrop. That earned the address $172,000, according to @lookonchain.
According to CoinMarketCap, Arbitrum's native token ARB reached a historic peak of $11.80 a month ago, on March 23. Currently, it is trading 88.06% below that level. ARB is ranked 36th on the aforementioned crypto analytics website.