Crypto Whales Deposit $58 Million Worth of Arbitrum (ARB) to Exchanges After Token Unlock
Crypto whales have recently deposited approximately $58 million worth of the Ethereum (ETH) layer-2 scaling solution Arbitrum (ARB) into various crypto exchanges. This comes after the project experienced a significant token unlock event over the weekend, according to blockchain tracker Lookonchain.
Token Unlock and Whale Deposits
The unlock of 1.11 billion ARB tokens occurred on March 16th, as reported by the crypto tracker TokenUnlocks. This token unlock represents nearly 42% of the circulating supply of ARB.
Following the unlock, Lookonchain noted that 11 crypto whales deposited a total of 34 million ARB into exchanges.
Token Allocation
According to Lookonchain, a total of 673.5 million ARB tokens worth $1.37 billion were unlocked for the Arbitrum team, future team members, and advisors. Additionally, 438.25 million ARB tokens worth over $894 million were unlocked for investors.
Price and Market Performance
At the time of writing, ARB is trading at $1.56. The cryptocurrency is currently ranked 32nd by market capitalization and has experienced a decline of nearly 7.5% in the past 24 hours and 25% in the past week. Furthermore, it has seen a decrease of almost 10% since the beginning of this year.
Total Value Locked (TVL)
Arbitrum currently ranks fifth among all chains in terms of total value locked (TVL). It is behind Ethereum, Tron (TRX), Binance Smart Chain (BSC), and Solana (SOL), according to the decentralized finance (DeFi) tracker DeFi Llama. The project currently has a TVL of $3.276 billion.
TVL is a metric used to measure the amount of capital deposited within a protocolโs smart contracts and is commonly used to assess the health of a crypto ecosystem.
Hot Take: ARB Deposits Surge Following Token Unlock
After the recent token unlock event, several crypto whales have deposited approximately $58 million worth of ARB into various exchanges. This influx of funds could potentially impact the price and market performance of ARB in the short term. However, it remains to be seen how these deposits will affect the overall trajectory of Arbitrum and its TVL in the long run.
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