The Arbitrum Prize continues to drop because whales sell up token in the millions

• at the time of printing, Arbitrum (Arb) was traded at $ 0.7665 after it had fallen by 8.60 % in one day.
• Three whales sold 10.2 million Arb-token.
However,
• arbitrum still shows 55 % of the Ethereum L2 ecosystem.

Last month, the Arbitrum (Arb)-token recorded a significant loss of value and lost over 33 % of its price, which prompted at least three large arb-whales to think about the sale of their stocks. One of these whales still has a significant proportion of Arb-tokens for possible sale.

Data from Lookonchain revealed an interesting pattern: Despite the efforts of Arbitrum, to gain value again, a certain whale continued to collect tokens during a week. From September 3, 2023, this WAR invested 2,000 ETH, which corresponds to over 3.27 million US dollars, to acquire 3.64 million Arb-tokens at an average price of $ 0.9. In the previous month, the same WAL 800 ETH, which corresponds to $ 1.47 million, issued. To acquire 1.27 million Arb-token.

https://x.com/lookonchain/status/170040200219136037?s=20

whale on an arbitrum (Arb) sales stroll

On September 11, 2023, three prominent Arbitrum (ARB) whales took measures and a total of more than 10.2 million Arb-token to Binance, the world's largest cryptocurrency exchange.

The Chinese cryptocurrency journalist Colin Wu announced that the first WAL transferred 3.8 million Arb-tokens to Binance and sold $ 0.77 per token, which led to a profit of 1,812 ethers (ETH). It is noteworthy that this whale still remains the owner of 13.7 million for sale.

Today 3 whales transferred 10.23 million ARB (worth $ 8 million) to Binance, including 0xE972, which transferred 3.8 million AN Binance and sold for $ 0.77 for $ 1,812 ETH. It still holds 13.78 million Arb; Vladilena2.eth transferred 3.63 million Arb to Binance, the price was ...

- Wu Blockchain (@wublockchain) 11. September 2023

Another known whale, known as Vladilena2.eth, sold 3.63 million Arb-token at a price of $ 0.83 per token. It is noteworthy that this wallet also has a portfolio of various old coins worth over $ 14 million and recently received 2,800 staked ethers (Steth) from Lido Finance (LDO) within the last 24 hours.

The third whale decided to transfer 2.8 million Arb-tokens to Binance when the price of the token was $ 0.79. Since the price of the Arb-token has currently fallen below $ 0.77, all three whales have the opportunity to regain their investments with a profit.

Despite the recent loss of value of the Arb-token, Arbitrum (Arb) continues to claim its position as a dominant Layer 2 (L2) solution for Ethereum (Ethle). It has a total value (TVL) of $ 5 billion, which makes up 55 % of Ethereum's L2 ecosystem. Today, on September 11, 2023, the token on the most important spot exchanges reached an all -time low, which reflects the challenging market conditions.