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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Arbitrum (ARB) Rises 20% In A Single Week Amidst Massive Whale Activity

Opeyemi Sule
Opeyemi Sule
1 year ago
3 mins read
Shiba Inu

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The Arbitrum (ARB) token has been on the rise lately, with a 20% price increase in the past seven days. The cryptocurrency is the native token of the Arbitrum network, which is a Layer-2 scaling solution for the Ethereum blockchain. This protocol is designed to boost transaction speed, enhance scalability, and improve privacy on the Ethereum network.

ARB Continues Market Recovery – Jumps By 18% In Two Weeks

The ARB token has seen a mixed price performance in June, initially falling beneath the $1 mark just before the middle of the month. However, the coin has been showing signs of recovery lately, jumping by more than 30% since June 15.

Related Reading: Injective (INJ) Continues To Build Momentum, Jumps Nearly 27% In A Single Week

After hovering around the $1 level – with little price action – between June 17 and 19, the Arbitrum price eventually broke above this threshold on the 20th of June. The cryptocurrency has been on a positive momentum since then.

The Relative Strength Index (RSI), an on-chain indicator that tracks the balance between buying and selling pressure, signals that a positive trend is forming for Arbitrum. The daily RSI is well above the 50 mark, indicating increased buying pressure.

According to CoinGecko, the ARB token is currently trading at $1.21, with a 6% gain in the last 24 hours. As of today, the cryptocurrency has a 24-hour trading volume of more than $373 million, which also increased by 42.1% in the past day.

Arbitrum

ARBUSD trading at $1.2182 | Source: ARBUSD chart from TradingView

Arbitrum Market Experiences Massive Whale Activity

It is difficult to definitively say what is driving the price of Arbitrum at the moment. However, there has been high whale activity in the market in the past few days, suggesting that there may be something going on that most investors are not seeing. 

According to blockchain analytics platform Lookonchain, two dormant whales bought ARB tokens just before major price movements. On June 25, whale “0x1b67” became active after 1.6 years of dormancy and withdrew 450,881 ARB (worth roughly $507,000) from Binance.

Prior to this transaction, another whale (0x79cc), who had been dormant for six months, purchased 1.57 million ARB tokens with 939 ETH (worth $1.68 million at the time) on June 20. 

Furthermore, there has been some major whale accumulation in the market in the past 24 hours. According to Lookonchain, whale “0xb28f” purchased 321,934 ARB with 200 ETH (roughly $375,000) in the early hours of today.

It is worth noting that this whale made a similar purchase on June 10, spending 300 ETH (around $528,000) to buy 538,558 ARB tokens.

Whales are buying $ARB!

Whale”0xb28f” spent 200 $ETH ($375K) to buy 321,934 $ARB at $1.16 again 2 hrs ago.

“0xb28f” once spent 300 $ETH ($525K) to buy 538,558 $ARB at $0.98 on June 10.

Another whale”0x79cc” spent 1,058,665 $USDC to buy 937,176 $ARB at $1.13 about 10 hrs ago. pic.twitter.com/YsHriraZkr

— Lookonchain (@lookonchain) June 27, 2023

Related Reading: How High Can Bitcoin Price Rise Due To Spot ETFs? Running The Numbers

While we don’t always know what to expect from the whales, it would be interesting to see how their activity would affect the Arbitrum market. Moreover, since there seems to be a pattern, investors might want to be on the lookout for any more whale transactions.

Featured image from Unsplash, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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