- The number of whales traded by ARB has increased significantly over the past week.
- The market reacted to the Dencun Upgrade, and ARB’s biggest token unlock.
Layer-2 (L2) tokens are in high demand. Arbitrum [ARB] In the last 24 hour, a large amount of crypto currency was transferred to exchanges. This sparked interest and speculation on the wider market.
What is going on with the whales?
On-chain data tracking system Spot On ChainTwo whale investors invested a total amount of 2.77 millions ARBs. Binance [BNB] On the 9th of march, during the afternoon UTC hours.
The amount transferred was worth $4.87 million Press time
AMBCrypto discovered that, at the time, one whale had transferred 916 787 tokens to Binance.
The whale withdrew the amount 2,5 months ago, and could profit by $608k if it decides to cash out. The whale who sent Binance 1,85 million ARBs had $2.67 in unrealized profit.
If they sold their shares at the current price, both entities would have made $3.3 million.
AMBCrypto, using Santiment data, noticed that this development was part of an overall increase in ARB’s high-value transaction volume over the past week.
Arbitrum’s ecosystem is about to experience two major events.
Dencun to boost ARB?
The first one was the most anticipated Dencun Upgrade The 13th March was scheduled. It was hoped that the technical improvement would reduce transaction costs on layer-2 project significantly.
ARB does not accrue any value through Arbitrum’s activity on the chain. It could, however, benefit from the positive sentiment around L2s and specifically Arbitrum.
ARBs are set to flood market
ARB would also be witnessing its largest unlock ever on March 16. The team and investors were to receive a staggering 1.1 billion tokens. This represents 76% of the total circulating supply.
Token analytics firm Token Unlocks ARB’s current market cap of $2.65bn would rise to $5bn if prices were unchanged.
Realistic or not, here’s ARB’s market cap in BTC’s terms
ARB, which is currently ranked 50th, could also break into the top 25, based on market capitalization.
ARB could suffer significant losses if a large amount of ARB is put into circulation.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: ambcrypto.com