Based on the latest developments on the Arbitrum blockchain explorer, a Korean cryptocurrency exchange may accumulate a significant amount of ARB tokens through an Externally Owned Account (EOA) address. This activity has been observed over the course of the past 24 hours.
According to a Twitter account dedicated to market monitoring, the EOA in question is likely owned by the Upbit cryptocurrency exchange. The data provided by arbiscan.io indicates that the address currently holds a staggering 59 million ARB tokens, which translates to over $82.8 million. These findings suggest that Upbit may be a significant player in the ARB token market.
As per the latest market analysis, Upbit has experienced a significant surge in the accumulation of ARB tokens, positioning itself as the second-largest exchange in holding these tokens, with Binance being the only one ahead.
Upbit’s recent accumulation has garnered the interest of traders and investors, resulting in a noteworthy surge in trading volume and market capitalization within the last 24 hours. According to data from CoinMarketCap, the trading activity for ARB has exceeded $1.4 billion, a significant increase from the $696 million recorded just two days ago. This development highlights the growing confidence in Upbit’s potential and its ability to attract a wider audience of market participants.
The ARB token is the native currency of the Arbitrum Layer two scaling solution for the Ethereum blockchain. Recently launched, the platform has already airdropped over 1.2 billion coins to eligible users. Before its official release, prominent exchanges such as Binance, Bitfinex, OKX, Kraken, Bybit, KuCoin, and Huobi were granted 40 million ARB tokens for testing. This strategic move highlights the platform’s commitment to ensuring seamless functionality and user satisfaction.
ScopeProtocol, a diligent on-chain market observer, has closely monitored the activity of Voyager, a crypto hedge fund currently facing challenges. Their findings indicate that Voyager has recently exchanged $150 million USDC stablecoin for hard cash with Circle.
According to blockchain data, ScopeProtocol has reported that Voyager successfully converted a staggering $600 million worth of altcoins into USDC stablecoins over the last two months.
