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A recent report revealed that the top two whales in Arbitrum (ARB) lost over $400,000 in a recent token sale.
data BitcoinEther, an on-chain observer, has shown that two anonymous whales sold a total of 3.37 million Arbitrum tokens on April 2nd. The ARB token has lost 6% in value following a dispute over the token allocation process.
The deal took place on the same day, but whether it was intentional or coincidental remains a mystery.
Two whales dump millions of Arbitrum tokens
According to the data, one whale with address “0x1dd9” sold about 2.03 million ARB tokens worth $1.14 million. Whales completed the sale at an average of $1.14 per token. However, at market value at the time of sale, he incurred a loss of $160,000.
Currently, the whale still holds 500,000 ARB at address. It is still unclear what Whale plans to do with its remaining tokens, long-term or short-term holdings.
Another whale with address “0xca71” offloaded about 1.7 million Arbitrum (ARB) tokens as Arbitrum reached $1.16. Notably, the whale made him $2 million in the deal. However, sales suffered a loss of approximately $270,000. Whale currently holds his 50,000 ARB tokens in his SushiSwap liquidity pair.
ARB price/performance ratio
Arbitrum is a layer 2 scaling solution for Ethereum, focused on enhancing scalability, speed, and cost with an optimistic rollup. On March 23, 2023, we launched ARB as our native token for governance.
At the time of writing, ARB is trading at $1.19, showing a 4.82% decline over the past 24 hours. Also, ARB’s 7-day price movement is down 3.75%.
according to coin market capitalization, Arbitrum is ranked as the 39th crypto asset with a market capitalization of $1.55 billion. Its market dominance is 0.28% and its 24-hour trading volume is $1.17 billion.
Following ARB’s launch, Arbitrum transitioned to DAO, giving ARB owners governance over the project. but, some controversy It concerns the token allocation process of the Arbitrum Foundation, which oversees network governance. The issue recently caused the price of ARB to drop by 6%.
However, the Foundation Dispersed I’ll explain the brewing problem by explaining the necessity of the ARB allocation process. According to the post, 40 million ARM tokens were offered as a loan, and 10 million of his ARB was kept as operating expenses for the project.
