The Arbitrum (ARB) token has been on the rise lately, with a 20% price increase in the past seven days. The cryptocurrency is the native token of the Arbitrum network, the second layer scaling solution for the Ethereum blockchain. This protocol is designed to boost transaction speed, enhance scalability, and improve privacy on the Ethereum network.
ARB continues to rebound in the market – jumped 18% in two weeks
The ARB token had a mixed price performance in June, initially falling below the $1 mark just before the middle of the month. However, the coin has been showing signs of recovery recently, jumping more than 30% since June 15th.
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After hovering around the $1 level – with little price movement – between June 17th and 19th, Arbitrum price finally broke above that limit on June 20th. The cryptocurrency has been on a positive momentum ever since.
The Relative Strength Index (RSI), an on-chain indicator that tracks the balance between buying and selling pressure, is indicating that a positive trend is forming for Arbitrum. The daily RSI is well above the 50 mark, indicating increasing buying pressure.
according to Queen GekkoThe ARB token is currently trading at $1.21, with a gain of 6% in the last 24 hours. As of today, the cryptocurrency has a 24-hour trading volume of more than $373 million, which also increased by 42.1% over the past day.
ARBUSD trading at $1.2182 | Source: ARBUSD chart from TradingView
Arbitrum Market sees huge whale activity
It’s hard to say definitively what is driving Arbitrum’s price right now. However, there has been a lot of whale activity in the market in the past few days, which suggests that there may be something going on that most investors don’t see.
According to the blockchain analytics platform search stringTwo passive whales bought ARBs just before the major price movements. On June 25, the whale “0x1b67” became active after 1.6 years of dormancy and pulled 450,881 ARB (worth roughly $507,000) from Binance.
Prior to this transaction, another whale (0x79cc), which had been dormant for six months, bought 1.57 million ARB worth 939 ETH (worth $1.68 million at the time) on June 20.
Furthermore, there has been some significant accumulation of whales in the market over the past 24 hours. According to Lookonchain, the whale “0xb28f” bought 321,934 ARB with 200 ETH (about $375,000 USD) in the early hours of the day.
Notably, this whale made a similar purchase on June 10, spending 300 ETH (about $528,000) to purchase 538,558 ARB coins.
whales buy $ARB!
Whale “0xb28f” spent 200 ETH dollars ($375,000) to purchase 321,934 $ARB At $1.16 back two hours ago.
Spent “0xb28f” 300 times ETH dollars ($525,000) to buy 538,558 $ARB At $0.98 on June 10th.
Another whale spent “0x79cc” 1058665 American dollar To buy 937176 $ARB At $1.13 about 10 hours ago. pic.twitter.com/YsHriraZkr
– Lookonchain (lookonchain) June 27, 2023
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While we don’t always know what to expect from the whales, it will be interesting to see how their activity affects the Arbitrum market. Moreover, since there is a pattern, investors may want to look for more whale transactions.
Featured image from Unsplash, chart from TradingView
