Are Arbitrum Investors Still Selling Off? Analysts Remain Bullish On ARB As Price Surges 5.2%
Arbitrum (ARB), the Ethereum Layer 2 (L2) scaling solution, recently went through an unlocking event as part of its 2024 roadmap.
However, the event raised concerns about how the token’s price would react amid the market slowdown. It’s been a week since Bitcoin’s price started to dip.
Despite BTC’s recovery, the market still exhibits red numbers. Crypto analysts remain optimistic about ARB and the market’s bullish run. Related Reading: Bitcoin Traders Capitulate: Here’s What Happened Last 2 Times Are Arbitrum Whales Still Dumping On Exchanges? The event on March 16 unlocked 1.1 billion ARB tokens.
These tokens were distributed among the team, advisors, and investors, who received 438.25 million ARB, approximately 40% of the total tokens unlocked. Since then, Arbitrum whales have dumped millions of ARB on exchanges.
As reported by NewsBTC, eleven whales recently sent over $58 million worth of the token to different trading venues. Yesterday, the trend continued as two ARB whales sent around $12.72 million worth of ARB to the Binance exchange.
These whales are seemingly investors who received around 28.43 million ARB tokens during the unlock.
::on-chain insights::$ARB investors are selling their tokens: ▪️ two wallets which potentially belong to $ARB investors several hours ago sent their tokens to @binance ▫️ wallet 0x1dc firstly sent 3 $ARB to be sure that they will arrive to his binance account and then sent…