- Whales have recently shown interest in Arbitrum, leading to a price surge.
- Lookonchain, an on-chain analytics platform, highlighted the movement of dormant whales towards Arbitrum.
- There are speculations that whales may have prior knowledge before investing in altcoins.
According to CMC, whales with dormant wallets have recently started showing activity by investing in Arbitrum. One whale with the wallet address “0x3737” made a move after being inactive for six months, acquiring 1.57 million ARB tokens for 939 Ethereum (ETH) at an average price of $1.07. Another whale, after a period of 1.6 years, woke up and purchased 450,000 ARB tokens worth $504,000 at an average price of $1.12 from Binance, the world’s largest cryptocurrency exchange. The whale later withdrew the ARB tokens to their wallet.
Arbitrum Experiences Price Surge as Whales Show Interest
Prior Knowledge?
Lookonchain made an interesting claim, suggesting that the whales’ sudden interest in Arbitrum may indicate that they had prior knowledge. The platform referred to the significant price gains of Arbitrum since June 20, with a 26% increase, and since June 25, with a 12% increase.
It is speculated that when a whale wakes up after a long period of inactivity and directly invests in a specific altcoin, it implies that they may have some insider information.
As of the time of writing, ARB has experienced a 4.5% decrease in the past 24 hours and is currently trading at $1.16, according to CMC data.
