Arbitrum (ARB) Whales Intensifies On-Chain Activity; Is It Time to Buy or Sell?
Arbitrum ($ARB) network, an Ethereum layer 2 scaling solution that uses optimistic rollups to achieve high throughput, has attracted significant attention from cryptocurrency traders since its much-hyped airdrop.
According to the latest market data, Arbitrum ($ARB) – which is currently trading on Binance, OKX, Bybit, Bitrue, and BTCEX – reported a daily traded volume of about $1,397,327,284 on Friday.
Interestingly, the $ARB tokens have a market capitalization of approximately $1.7 billion, thus making it have a high potential for high volatility in the coming weekend and weeks ahead.
According to aggregate data provided by Defillama, the Arbitrum network is the fourth in total value locked after Ethereum, Tron, and Binance. As of Friday, the Arbitrum network reported a total of $2.24 billion in total value locked.
Already, top decentralized financial ecosystems like Uniswap V3, Sushi, GMX, and AAVE V3 have launched on the Arbitrum chain. Meanwhile, Web3 developers have launched DEXes, including Camelot protocol, ZyberSwap, and Vela Exchange.
Arbitrum Whale Activity on the Rise
According to the on-chain analytics platform Santiment, $ARB whale addresses have intensified their trading activities in the recent past. For instance, an Arbitrum whale identified as Amber transferred 11.2 million $ARB worth approximately $15.8 million to OKX and Binance. Reportedly, the Amber $ARB whale currently holds 4.47 million Arbitrum tokens worth about $6.3 million.
Reportedly, the largest Arbitrum whale holds 9.94 million $ARB tokens worth $14 million. With more Arbitrum whales withdrawing $ARB tokens from centralized exchanges like Binance and OKX, the price could gain momentum amid an expected altcoin rally in the coming weeks.