Arbitrum (ARB), an Ethereum layer 2 (L2) scaling solution, recently underwent a unlock event as part of its 2024 roadmap. However, the event raised concerns about how the token price would react amid a market downturn.
It’s been a week since the price of Bitcoin began to fall. Despite BTC Even after the recovery, the market is still showing red readings. Crypto analysts remain optimistic about ARB and market conditions. Bull market.
Are Arbitrum whales still dumping on exchanges?
The March 16th event unlocked 1.1 billion ARB tokens. These tokens were distributed to the team, advisors and investors, who received 438.25 million ARB, approximately 40% of the total tokens unlocked.
Since then, Arbitrum whales have dumped millions of ARBs on exchanges. According to a report by NewsBTC, 11 whales recently sent $58 million worth of tokens to various trading venues.
This trend continued yesterday when two ARB whales sent approximately $12.72 million worth of ARB to the Binance exchange. These whales appear to be investors. Approximately 28.43 million ARB tokens are being unlocked.
::On-Chain Insights::$ARB Investors are selling their tokens:
▪️ 2 wallets to potentially belong to $ARB Investors sent their tokens a few hours ago. @Binance
▫️ Wallet 0x1dc first transfer 3 $ARB To make sure they are transferred once they arrive in his Binance account… pic.twitter.com/L8yfKnOnvK— Catakor🐯 (@Catakor) March 21, 2024
As reported by user X, the first wallet received 19.845 million ARB on March 16th. The whale sent three ARBs to Binance for testing before offloading. 3.9 million tokens worth $6.9 million.
The second whale sent 3.424 million ARB tokens to Binance in two transactions yesterday, worth $5.79 million. Of the 28 million tokens investors received during Arbitrum’s unlock, the wallet now holds only 804,000 ARB, worth about $1.42 million.
Analysts predict growth for ARB.
Arbitrum’s most recent downward trajectory began just before the unlock event. After ARB’s price failed to maintain the $2 support level, the token fell more than 30%, trading at around $1.48 on March 19.
Since then, ARB has started to rise and retest resistance levels again. ARB broke a bullish signal on March 20, according to cryptocurrency analyst World Of Charts.
ARB successfully retested above the offer price range in a matter of hours. The token rose as high as $1.8 in the early hours of today before returning to the $1.75 price range.
Crypto analyst Bluntz predicted an upside for Arbitrum after the price got close to the $1.8 resistance level. As highlighted by the analyst, ARB’s price performance shows an a, b, and c zigzag pattern that could suggest an upward trajectory for the token. He also expressed optimism about the health of the market based on token performance.
You know the market is healthy when eth and eth beta also look good again.$arb pic.twitter.com/gjn4zduLW7
— Bluntz (@Bluntz_Capital) March 21, 2024
ARB is trading at $1.76 at the time of writing, up 5.2% in the last 24 hours. Despite declines of 14% and 12% on weekly and monthly terms, current prices are still up 29.4% since the beginning of the year.
ARB's price trends to the upside on the hourly chart. Source: ARBUSDT on Trading.view.com
Featured image from Unsplash.com, chart from TradingView.com
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Source: NewsBTC.com