Investors with deep pockets gobbled up millions of Arbitrum (ARB) just one day after competitor Polygon (MATIC) distributed tokens to eligible users.
Blockchain monitoring service Lookonchain shares the top five whale transactions for Arbitrum in the past day to the tune of 13.31 million ARB worth $17.54 million.
Arbitrum is a blockchain scaling solution built on the Ethereum (ETH) network.
According to Lookonchain, one of the largest Arbitrum transactions in the last 24 hours involves a crypto whale trade 3,700 Ethereum worth $6.79 million for 4.94 million ARB.
According to the on-chain data tracking service, the large entity bought ARB’s big stack at an average purchase price of $1.38.
In the other four large transactions, Lookonchain says that crypto whales used USD Coin (USDC) and Tether (USDT) stablecoins to accumulate millions of ARBs.
a whale bought 2.74 million ARB with 3.52 million USDC at an average purchase price of $1.28. According to the blockchain tracking service, the whale subsequently used the ARB treasury to provide liquidity on the Uniswap (UNI) decentralized exchange and generated $1.77 million in trading fees.
another whale snapped up 2.61 million ARB using $3.56 million in USDC and USDT at an average entry price of $1.28.
A fourth crypto whale accumulated 1.53 million ARB with 1.95 million USDC at an average entry price of $1.28 as well.
the last whale bought 1.49 million ARB using 1.99 million USDC at an average purchase price of $1.33.
Arbitrum’s whale purchase comes a day after the crypto project launched its long-awaited airdrop on March 23. On the same day, blockchain explorer Arbiscan reported that daily transactions on Arbitrum soared to a new all-time high of 2,733,872.
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