Investors with deep pockets gobbled up millions of Arbitrum (
ARB) just a day after the Polygon (
MATIC) competitor 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 top of the Ethereum (
ETH) network.
According to Lookonchain, one of the largest Arbitrum transactions in the last 24 hours involves a crypto whale
trading 3,700 Ethereum worth $6.79 million for 4.94 million ARB.
According to the on-chain data-tracking service, the large entity purchased the large ARB stack at an average buying price of $1.38.
In the other four large transactions, Lookonchain says that crypto whales used stablecoins USD Coin (
USDC) and Tether (
USDT) to accumulate millions of ARB.
One whale
purchased 2.74 million ARB with 3.52 million USDC at an average buying price of $1.28. According, to the blockchain-tracking service, the whale subsequently used the ARB trove to provide liquidity on decentralized exchange Uniswap (
UNI) and generated $1.77 million in trading fees.
Another whale
snapped up 2.61 million ARB using $3.56 million worth of 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 buying price of $1.33.
The Arbitrum whale buying comes a day after the crypto project
launched its much-anticipated airdrop on March 23rd. On the same day, blockchain explorer
Arbiscan reported that daily transactions on Arbitrum skyrocketed to a fresh all-time high of 2,733,872.
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The post
Crypto Whales Pounce on Ethereum Scaling Altcoin, Accumulating 13,310,000 Arbitrum (ARB) After Polygon Rival’s Airdrop appeared first on
The Daily Hodl.
