Arbitrum Whales Dump 3.73 Million Tokens, Impacting Market Prices
03 April 2023 - 3:46PM
NEWSBTC
Arbitrum, a popular scaling solution for Ethereum, experienced a
major setback when two large addresses sold 3.73 million ARB
tokens, resulting in a significant loss of over $400,000. The dump
came at a time when the Arbitrum Foundation’s token allocation
process had already generated a maelstrom of controversy, and the
market was bracing for the worst. According to CoinGecko, the
current price of ARB is $1.19, which has decreased by 4.3% in the
last 24 hours, and the 7-day decrease is at 7.2%. Source: Coingecko
Whale Sighting In SushiSwap’s ARB Token A large trader identified
as 0x1dd9 sold off off 2.03 million tokens at an average price of
$1.14 USDT, resulting in a loss of roughly $160,000. Despite the
setback, the address still holds 500,000 ARB, implying a strategic
decision to cut losses while keeping a stake in the game. Related
Reading: These Top 5 Meme Coins Are Bleeding As March 2023 Ends –
Here’s Why Another significant player, 0xca71, unloaded 1.7 million
ARB tokens at an average selling price of $1.16 USDT, incurring a
loss of around $270,000. Currently, the address only retains 50,000
ARB in SushiSwap’s pair liquidity, representing a significant
contrast to the volume previously held. Arbitrum Foundation’s Token
Allocation Process The Foundation’s recent decision to allocate
millions of ARB tokens has come under intense scrutiny and
criticism from all sides. 鲸鱼 0xca71 于 5 小时前卖出 170 万 $ARB : 该鲸鱼是在
3/24-28 从交易所提出+链上买入 195 万 ARB,综合成本约 $1.32。 他的出售均价为 $1.16,大致亏损 $27
万。 目前该鲸鱼地址仅剩 #SushiSwap 中组流动性的 5 万 ARB。 pic.twitter.com/ObAffEnUVx
— 余烬 (@BitcoinEmber) April 3, 2023 To quell the rising tide of
discontent, the Foundation has taken steps to provide clarity on
the situation. In an effort to address the heated debates that have
erupted on its governance platforms, the Foundation has come
forward with an explanation for the token allocation. They revealed
that 40 million ARB tokens were loaned to a well-known player in
the financial markets sector, a move that has been met with mixed
reactions. Price Drop The buzz circling the token allocation
process of the Arbitrum Foundation has caused a seismic shakeup in
the value of the ARB token. The uproar has only intensified with
the sudden appearance of two behemoth wallets, spilling a
staggering 3.73 million ARB tokens into the market. This
unwelcome surprise has added to the already prevalent pessimism,
resulting in a bleak outlook for the once-promising ARB token.
Traders and investors are holding their breath, anxiously awaiting
the next chapter in this unfolding saga, with hopes of a positive
turn in the future. Crypto total market cap currently pegged at the
$1.14 trillion level on the daily chart at TradingView.com Related
Reading: Top 5 Coins To Watch In The First Week Of April 2023 The
Arbitrum Foundation’s token allocation process has become the
latest scandal to rock the cryptocurrency industry. The price drop
has only added to the controversy, with market participants and
observers keeping a close eye on how the situation unfolds. As
always, the world of cryptocurrencies remains unpredictable, with
new developments occurring by the minute. -Featured image from
Coinpedia
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