ARB Price Jumps 3+% After Whale Purchases 1.61 Million Tokens

Earlier today, the on-chain analytics platform, Lookonchain, shared in an X post that a whale used Ethereum (ETH) tokens to stock up on Arbitrum (ARB). According to the post, the whale spent 843 ETH, worth about $1.5 million, to purchase 1.61 million ARB at $0.95.

This whale has been supporting ARB for about a week now as Lookonchain’s data indicates that it has been providing liquidity on ARB since 23 October to earn trading fees. It is possible that this whale’s support could have in part contributed to ARB’s price increase throughout the past 24 hours.

Data from CoinMarketCap indicated that ARB’s price jumped by 3.12% since yesterday. This meant that the altcoin was trading hands at $0.9634 after it was able to set a high price of $0.9809.

ARB also recorded a 50.92% increase in its 24-hour trading volume, which caused it to rise to $259,334,743. The token’s market cap also ended up jumping to $1,230,439,798, which ranked ARB as the 41st largest cryptocurrency in terms of market capitalization.

ARB / Tether US 1D (Source: TradingView)

It is very likely that ARB is attracting the attention of whales because of its efforts to make itself more compatible and flexible. Arbitrum has recently introduced a new layer three solution called Orbit, which will empower developers to deploy software written in languages such as C++ and Rust.

Other Arbitrum projects like 3xcalibur and Arbswap could also be catching the attention of whales. 3xcalibur serves as a liquidity marketplace on Ethereum, utilizing the Tri-AMM architecture to facilitate stable swaps, variable swaps, and the lending/borrowing of ERC-20 tokens.

Arbswap is a decentralized exchange (DEX) that is optimized for gaming finance. Another Arbitrum project to take note of is Badger, which is a Decentralized Finance (DeFi) platform with the goal of bridging Bitcoin to Ethereum and other blockchains.