23 whales hold over $1M in Arbitrum 23 whales hold over $1M in Arbitrum
Three whales sold their ARB tokens, while nine bought a total of $21 million worth of ARB during the week of April 10 - 17.
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Updated: Apr. 18, 2023 at 1:32 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
As of the end of April 10 – 17 week, there are 23 whale wallets that hold over $1 million Arbitrum (ARB) tokens, according to data shared by on-chain sleuth @lookonchain.
Whales have been buying or selling ARB tokens throughout the last week, as the numbers lookonchain shared demonstrate. Three whale accounts decided to sell over 22 million ARB, while nine others collectively bought over 12 million tokens.
The transactions
The amount of ARB held by the whales equates to over $1.6 million, given that the ARB price lingers around $1.62 at the time of writing.
During the past seven days, three whale accounts sold around 22.8 million ARB tokens, amounting to about $38 million. The sale prices were $1.37 and $1.69.
On the other hand, nine whale wallets bought 12.4 million ARB, which adds up to over $21 million. Most of this amount was purchased when the ARB price had been lingering between $1.2 and $1.5. In the meantime, 11 whales didn’t sell or buy ARB tokens.
Arbitrum
Arbitrum recently lost over 1 million tokens to a phishing attack on March 31. Days after that, the project team said it had to sell 10 million ARB to cover its operation costs.
Even though Arbitrum managed to create some hype around the project by airdropping 112.8 million ARB in mid-march, the price of ARB also recorded a 90% drop due to over 160,000 addresses claiming over 300 million ARB tokens.
Posted In: Tokens
Author 
Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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Arbitrum is a type of technology known as an optimistic rollup.