Bullish: Whales Accumulate ARB
Arbitrum (ARB) has maintained a considerable portion of its all-time high value despite the bear market. It is noteworthy that the digital asset is currently displaying a bullish trend, which is rare among other tokens. Consequently, there has been an increase in accumulation of ARB.
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Bullish: Whales Accumulate ARB ARB Whale Accumulation Ramps Up
On July 20, a significant accumulation of ARB was observed among large investors on the Arbitrum blockchain. Lookonchain, an on-chain data tracker, flagged these transactions on July 17, indicating that the accumulation trend began on that date.
On July 19, the most recent whale accumulation occurred, with a withdrawal of 4.6 million ARB worth $5.84 million at the time of the transaction from Binance by a whale identified as “0x6950”. On July 18, the tracker spotted another transaction carrying 4 million ARB, with the source of the transaction being the same, and the coins worth $5 million at the time being moved from Binance to a private wallet. On Monday, Lookonchain reported three transactions carrying 3.76 million ARB worth $5 million at the time from the Binance exchange to known whale wallets. Bullish: Whales Accumulate ARB
These transactions indicate a significant accumulation trend among large investors on the Arbitrum blockchain.
Whale”0x6950″ withdrew 4.6M $ARB ($5.84M) from #Binance again just now. The whale has withdrawn a total of 9M $ARB ($11.4M) from #Binance in the past 2 days.https://t.co/E9GCmJ7ftc pic.twitter.com/FNI1gBbxrd — Lookonchain (@lookonchain) July 19, 2023
All of these transactions point to a consistent accumulation trend among these large holders, which could suggest that they expect a price recovery to happen soon. Their withdrawals have also reduced the amount of selling pressure on the digital asset and this could also lend support to any rally from here on out.
Arbitrum Continues To Dominate Layer 2 Blockchains
Arbitrum's native ARB token has gained popularity in the market due to the network's success. Arbitrum currently holds the highest Total Value Locked (TVL) among all Ethereum Layer 2 blockchains, surpassing the likes of Polygon and Optimism. The TVL of the Arbitrum network currently stands at $2.68 billion, while Polygon and Optimism's TVLs are at $1.027 billion and $926 million, respectively. This makes Arbitrum the fourth-largest L2 network by TVL across all blockchains, trailing behind Ethereum, Tron, and BSC.
Since Arbitrum holds a significant portion of the L2 TVL, it is expected that the value of its native token will also increase. Currently, ARB is trading at $1.29, with a 3.33% price gain in the last 24 hours. However, if whale accumulations continue and sell pressure declines, the price could easily surge towards $1.5.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.