Arbitrum Whales Move Another $18.5M In Tokens After Opening $2.3B

Another group of whales holding Arbitrum moved their coins to the currency earlier in March following the release of a large number of awarded tokens.

On March 23, blockchain data platform Lookonchain found four more wallets moving ARB tokens to exchanges after a $2.32 billion token launch on March 16.

Whales transferred 11.34 million ARB tokens to Binance in four separate transactions. These assets are valued at $18.5 million at the time of transfer.

Crypto community members have been divided on recent fund activities in arbitrage. One X user thinks this is not a “beat signal”, while another believes the ARB is “not coming out” at this time.

The incident follows another set of transfers last week when 11 whales put ARB into exchanges. On March 18, Lookonchain reported that whales had transferred $58 million worth of ARB tokens to the exchange.

The transfers happened after the Layer-2 blockchain project Arbitrum released $2.3 billion worth of tokens after its payout period. The project allocated 673.5 million ARB to its advisors and team members, while 438.25 million ARB tokens went to the investors.

The project issued the tokens at the opening of the cliff where the tokens were simultaneously released. This led to predictions that there would be a large dump, which some hoped would not happen.

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Weeks after the launch of the token, ARB prices went on a downward trend. On March 13, the ARB token hit a high of $2.22. But when the tokens were launched on March 16, prices dropped to $1.84.

Over the past seven days, the token has dipped as low as $1.48 on March 19, but reached a high of $1.79 on March 21. At the time of writing, the token is hovering at $1.70.

According to coin data tracker CoinGecko, ARB's current price point is 29% lower than its all-time high of $2.39 on January 12.

While the token's vetting opening seems to have already impacted the prices, this may not be the end of the downward price trend.

Crypto vesting tracker Token Unlocks shows that Arbitrum is scheduled to release 92.65 million additional ARB tokens to its advisors, team and investors on April 16.

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