Despite a turbulent start in March, whales are showing interest in accumulating Arbitrum (ARB). According to Lookonchain, a prominent analysis platform, a notable whale or institution has recently acquired a substantial amount of 11.76 million ARB, valued at $14.82 million, from Binance and Gate.io within the past 24 hours. Despite its initial challenges, this development highlights ARB’s continued appeal within the crypto world.
The recipient of this substantial ARB sum is a fresh address that appears to harbor ARB presently exclusively. Furthermore, Lookonchain disclosed that Andrew Kang, a prominent whale, procured over 700k ARB using 1 million USDC at a rate of $1.26 following his tweet about this particular cryptocurrency.
ARB’s current state of affairs is undeniably optimistic, as evidenced by its recent inclusion on CoinMarketCap’s trending list following a highly successful 24-hour period. With a 6.93% increase in value over the past day, ARB is currently being traded at $1.26, reaching a peak of $1.28 during the same timeframe. These developments bode well for the altcoin’s prospects.
Looking ahead, there is still potential for ARB to make strides in the market. While the past week has seen a modest uptick of 0.18%, the crypto remains down nearly 90% over the last month. However, there is a reason for optimism as ARB’s 24-hour trading volume has entered positive territory, currently at $799,253,781, following a healthy 3% surge since yesterday.
With a market capitalization of $1,617,631,284, ARB has secured its position as the 37th largest cryptocurrency.
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