Arbitrum (ARB) Whales Profit from Recent Surge in Price, Strong Performance Continues

Key Insights: 

• Two ARB whales took advantage of the recent price increase and made significant profits by selling their positions.
• ARB’s price increased by over 28% in the last 24 hours, pushing its weekly performance into positive territory and up more than 30% in the last 7 days.
• ARB’s 24-hour trading volume has climbed 315.12% from yesterday, and its market capitalization is $1,957,563,206, making it the 35th biggest cryptocurrency by market cap.

An on-chain analysis platform known as Lookonchain (@Lookonchain) made a message on Twitter earlier today in which it discussed the buying and selling behavior of Arbitrum (ARB) whales. According to the tweet, two whales took advantage of the recent price increase in ARB to pay out their positions.

Whale’s ARB windfall

Recent transactions include a whale known as gay_eth buying 1.4 million ARB for 1.61 million USDC at $1.15 per ARB. Afterward, the whale sold 12,000 ARB for 2.16 million USDC at a price of $1.53, which resulted in a profit of $550,000 from the deal.

Another whale with the identifier 0x8fe1 purchased about 730,977 ARB at a price of $1.37 using 1 million USDC. At a price of $1.51 each, the whale could sell his tokens for a total of $1.1 million USDC. It is believed that this whale brought in a profit of $105,000.

According to the cryptocurrency market monitoring website CoinMarketCap, ARB’s price increased significantly during the previous day, which most likely seemed to be the perfect buying opportunity for these ARB whales. After a 28.32% price gain over the last 24 hours, ARB is now changing hands for $1.53 at the time of this writing.

Strong ARB performance continues

This one-day spike in ARB’s price was enough to turn ARB’s weekly performance into positive territory. Because of this, the price of ARB has climbed by more than thirty percent in the last week. Over the last twenty-four hours, the value of ARB has increased relative to BTC and ETH. At the time of publication, ARB is up 23.18% relative to BTC and 14.28% relative to ETH.

ARB’s trading volume for the last 24 hours is currently in the green zone, reaching $2,051,950,143, indicating a significant increase of 315.12% since yesterday. With a market cap of $1,957,563,206, ARB is currently ranked as the 35th largest cryptocurrency by market capitalization.