Arbitrum (ARB) Whales Selling? Here's What Data Shows

At least three ARB whales might be selling their tokens as Arbitrum's DAO asset loses over 33% in price in 30 days. One of them still owns a massive stake of ARB tokens to sell.

Arbitrum (ARB) whales moved 10,000,000 tokens to Binance (BNB), mass-selling?

Today, Sept. 11, 2023, three top-tier Arbitrum (ARB) whales moved their riches to Binance (BNB), the largest cryptocurrency exchange. In total, over 10.2 million of ARB tokens were moved.

As unveiled by Chinese cryptocurrency journalist Colin Wu, the first whale transferred 3.8 million ARB to Binance (BNB) and sold it at $0.77 per token. The whale made 1,812 Ethers (ETH) on this deal and still owns 13.7 million ARB tokens to sell.

Another super whale known as vladilena2.eth sold 3.63 million ARB at $0.83 per token. This address still holds over $14 million worth of various altcoins and received 2,800 Staked Ethers (stETH) from Lido Finance (LDO) in the last 24 hours.

The third whale moved 2.8 million ARB to Binance (BNB) when the price was $0.79. As the price of ARB dropped below $0.77 by press time, all three whales can get their funds back with profit right now.

Arbitrum (ARB) remains dominant L2, releases game-changing Stylus tool

The last 30 days have been merciless to ARB token: it lost one third of its capitalization. Today, Sept. 11, 2023, the price plummeted to an all-time low on major spot exchanges.

However, Arbitrum (ARB) remains the most popular Ethereum (ETH) second-layer scaling solution. With $5 billion in TVL, it is responsible for 55% of Ethereum's L2 ecosystem.

As covered by U.Today previously, on Arbitrum Day (Aug. 31), Arbitrum developers released Stylus, an instrument that allows WASM smart contracts to go live on Ethereum-like blockchains.