Lookonchain, an on-chain analysis platform, recently shared a Twitter post about the selling habits of Arbitrum (ARB) whales. It seems that two whales took advantage of ARB’s recent price spike to cash in their holdings. One whale, known as gay_eth, purchased 1.4 million ARB for 1.61 million USDC at $1.15. The whale then claimed 12,000 ARB and sold it for 2.16 million USDC at $1.53, resulting in a profit of $550,000. Another whale, 0x8fe1, bought 730,977 ARB with 1 million USDC at $1.37 and sold them for $1.1 million USDC at $1.51, earning an estimated profit of $105,000.
CoinMarketCap, a crypto market tracking website, shows that ARB’s price spiked in the last day, presenting an ideal selling opportunity for the ARB whales. As of press time, ARB is trading at $1.55, a 28.32% increase over the last 24 hours. This surge has flipped ARB’s weekly performance into the green, with the price up over 30% in the last 7 days. ARB has also strengthened against BTC and ETH, with a 23.18% increase against BTC and a 14.28% increase against ETH.
ARB’s 24-hour trading volume is currently in the green zone, with a 466.11% increase since yesterday, bringing it to $2,025,511,369. Its market cap of $1,982,286,895 places ARB as the 35th biggest crypto in terms of market capitalization.
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