Arbitrum Whales Move $58 Million to Crypto-Exchanges After ARB Unlock
On March 16th, Arbitrum unlocked 1.1 billion tokens worth approximately 2.32 billion dollars for its team, advisors, and investors. Following this unlock, at least 11 whales have moved the equivalent of $58 million worth of ARB to crypto-exchanges as reported by the blockchain analysis company Lookonchain.
– After a massive unlock of ARB tokens, 11 whales deposited a total of 34 million ARB ($58 million) into exchanges.
– This “rush unlock” released all tokens at once.
– Holders seemed eager to sell ARB due to its price drop.
Arbitrum and the Price Drop of ARB Crypto During Token Unlock
The unlocking of ARB tokens on March 16 coincided with a drop in the price of the crypto starting from March 15. The price of ARB plummeted from $2 to the current $1.66 within just three days, marking a -20% decrease over the past week. Currently, ARB holds the 55th position in the cryptocurrency ranking with a market capitalization of 2.11 billion dollars.
– ARB’s price dropped from $2 to $1.66 in three days.
– The overall ranking places ARB in 55th place with a market cap of 2.11 billion dollars.
– Another 92.65 million tokens are set to be released on April 16.
The Atlas Update
Arbitrum recently gained attention for its successful update named “Atlas”, which introduces the use of blobs. As part of the Atlas update, Offchain Labs has incorporated support for the Dencun upgrade within the Arbitrum ecosystem. By leveraging blob transactions, Atlas aims to reduce transaction costs on Ethereum Layer 2.
– The Atlas update introduces blob transactions.
– Support for the Dencun upgrade is integrated into the Arbitrum ecosystem.
– Transaction costs on Ethereum Layer 2 are expected to decrease with Atlas.
Hot Take: Whales’ Influence on Arbitrum Network
For the Arbitrum network, it seems that after the token unlock on March 16th, at least 11 whales have moved the equivalent of $58 million worth of ARB to crypto exchanges.
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