Investors with deep pockets gobbled up millions of Arbitrum (ARB) just a day after the Polygon (MATIC) competitor distributed tokens to eligible users.
Blockchain-monitoring service Lookonchain shares the top five whale transactions for Arbitrum in the past day to the tune of 13.31 million ARB worth $17.54 million.
Arbitrum is a blockchain scaling solution built on top of the Ethereum (ETH) network.
According to Lookonchain, one of the largest Arbitrum transactions in the last 24 hours involves a crypto whale trading 3,700 Ethereum worth $6.79 million for 4.94 million ARB.
According to the on-chain data-tracking service, the large entity purchased the large ARB stack at an average buying price of $1.38.
In the other four large transactions, Lookonchain says that crypto whales used stablecoins USD Coin (USDC) and Tether (USDT) to accumulate millions of ARB.
One whale purchased 2.74 million ARB with 3.52 million USDC at an average buying price of $1.28. According, to the blockchain-tracking service, the whale subsequently used the ARB trove to provide liquidity on decentralized exchange Uniswap (UNI) and generated $1.77 million in trading fees.
Another whale snapped up 2.61 million ARB using $3.56 million worth of USDC and USDT at an average entry price of $1.28.
A fourth crypto whale accumulated 1.53 million ARB with 1.95 million USDC at an average entry price of $1.28 as well.
The last whale bought 1.49 million ARB using 1.99 million USDC at an average buying price of $1.33.
The Arbitrum whale buying comes a day after the crypto project launched its much-anticipated airdrop on March 23rd. On the same day, blockchain explorer Arbiscan reported that daily transactions on Arbitrum skyrocketed to a fresh all-time high of 2,733,872.
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