The Arbitrum (ARB) token has seen a 20% price increase in the past week, as it continues to gain momentum. ARB is the native token of the Arbitrum network, a Layer-2 scaling solution for Ethereum. The protocol aims to improve transaction speed, scalability, and privacy on the Ethereum network. The token initially fell below $1 in June but has shown signs of recovery, rising by over 30% since June 15. The Relative Strength Index suggests a positive trend for Arbitrum, with increased buying pressure. Currently, ARB is trading at $1.21 with a 6% gain in the last 24 hours and a trading volume of over $373 million.
Whale activity in the market has contributed to the price movements of Arbitrum. Dormant whales have been purchasing ARB tokens before major price movements. For example, on June 25, whale “0x1b67” became active after 1.6 years of dormancy and withdrew 450,881 ARB tokens worth $507,000 from Binance. Another whale, “0x79cc,” purchased 1.57 million ARB tokens with 939 ETH ($1.68 million) on June 20. Additionally, there has been recent whale accumulation, with whale “0xb28f” purchasing 321,934 ARB tokens with 200 ETH ($375,000) today. It is worth monitoring whale activity to see how it affects the Arbitrum market.
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