🚀💰 Arbitrum Price Increases 5% As Whales Buy More ARB, What's Next? 📈📉

In an unprecedented development, the price of#Arbitrum(#ARB ) saw a significant uptick today, May 18, sparking a wave of excitement across the broader cryptocurrency market than. This sudden increase is consistent with a significant amount of ARB being accumulated by a whale in the past 24 hours, as revealed by blockchain data appearing on the global cryptocurrency scene.

🐳 Whales Pocket More Than 4 Million ARB From Binance

According to details from multiple on-chain analytics platforms, whale 0x695 has accumulated 4.17 million ARB, worth $4.3 million, from Binance in the past 24 hours. Furthermore, this whale has been recorded trading ARB since July 2023 and is suffering significant losses.

Notably, whales bought 39 million ARB, worth $49 million, at an average price of $1.25. Later, this address sold 37.5 million ARB at an average price of 1.2 USD and lost more than 2 million USD. This has sparked a series of speculations about the whale's investment strategy and Arbitrum's profit potential. Meanwhile, it is worth noting that this address still holds 5.98 million ARB.

Additionally, insights shared by ‘The Data Nerd’ highlight that some of this whale’s ARB holdings are also bet on AAVE and Compound.

Arbitrum Price Soars

As of writing, ARB price was trading at $1.02, up 1.66% in the past day. Additionally, it is worth noting that the token's 24-hour low and high were $1.00 and $1.07 respectively, underscoring the nearly 5% increase witnessed recently.

This chronicle has attracted notable attention, as Coinglass data has highlighted Arbitrum's market growth trends at the time of writing. ARB's OI increased 14.27% to $204.74 million, followed by derivatives volume increasing 69.31% to $400.03 million. This data highlights heightened market trading activity for the token, further supported by a significant increase in investor interest in the digital asset.