Crypto Whales Scoop up ARB Just Days Before Price Hike

Crypto investors with large digital asset holdings, aka crypto whales, bought a ton of Arbitrum’s ARB token earlier this week. Interestingly, the ARB purchase came just hours before the token’s price rose by nearly 22%. An independent digital media outlet, Altcoin Buzz, recently posted a video on Youtube that laid out the details of the whales’ ARB purchases.

Citing data from blockchain analytics firm Lookonchain, the crypto influencer stated that a crypto whale with a wallet address starting 0x1b67, withdrew 450,881 ARB worth $504,000 from Binance on June 25, 2023. According to Lookonchain, the crypto whale had been dormant for eighteen months. 

Another crypto whale, with a wallet address starting 0x3737, spent 939 ETH worth $1.68 million to purchase 1.57 million ARB at a price of $1.07. The purchase was made on June 20, 2023, after the whale’s wallet had been dormant for six months. 

Within days of these purchases, the price of ARB increased by at least 22%. The whale that purchased the tokens on June 20 made roughly $32,000, assuming that the tokens were held at the time of writing. The second whale’s profit would have been comparatively less, given that the purchase was made on June 25, when ARB was hovering around $1.1.

Lookonchain took to Twitter yesterday to report that two new crypto whales had been making moves to acquire ARB tokens:

Whale wallet 0xb28f spent 200 ETH worth $375,000 to acquire 321,934 ARB at $1.16 each. The same wallet spent 300 ETH ($525,000) to buy 538,558 ARB at $0.98 on June 10. Meanwhile, whale wallet 0x79cc spent 1,058,665 USDC to purchase 937,176 ARB AT $1.13 yesterday. The purchases made yesterday were likely in the red at press time, given ARB’s current price of $1.14.