In the wake of the recent release of approximately 1.1 billion ARB tokens, significant movement of these tokens by whales onto exchanges has contributed to a notable decline in the market value of Arbitrum, a leading layer-2 Ethereum scaling solution.
Over the past week, the platform has experienced a substantial loss of up to 20% of its total value, facing strong bearish pressure from the market.
Recent on-chain reports shed light on the actions of Amber Group, a major player in the cryptocurrency space. In the past 24 hours alone, Amber Group has transferred 1 million ARB tokens to Coinbase, amounting to approximately $1.63 million in value.
Despite this transaction, Amber Group still retains a sizable portion of ARB tokens, holding 6.82 million tokens valued at around $10.58 million. It’s worth noting that the selling activity by Amber Group has not yet concluded.
As a result of the heightened selling pressure from whales and large investors, ARB tokens have witnessed a significant decline in value, dropping by as much as 20% over the past seven days.
The token’s price dipped to a low of $1.44 before experiencing a slight recovery, currently trading at around $1.622.
The ongoing movement of ARB tokens by whales underscores the volatility and uncertainty surrounding the cryptocurrency market, particularly for emerging projects like Arbitrum.
Investors and market observers are closely monitoring these developments, as they seek to gauge the potential impact on the broader cryptocurrency ecosystem.
Amidst these fluctuations, stakeholders are evaluating strategies to navigate the evolving landscape and capitalize on emerging opportunities within the market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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