Top Ethereum Altcoin Explodes 47% in One Week As Whales Send Millions of Tokens to Crypto Exchange

A couple of crypto whales unloaded millions of Arbitrum (ARB) after the popular Ethereum (ETH) scaling solution witnessed significant gains this week.

Blockchain tracker Lookonchain notes that the largest buyer of Arbitrum on its first day of listing back in March transferred a large stack of nearly 10,000 ARB, worth about $17 million, to top crypto exchange Binance a few days ago.

A separate ARB whale also transferred its entire Arbitrum bag, worth $18 million, to Binance on Friday, according to Lookonchain.

“The whale with 11 million ARB ($18 million) transferred all ARB to Binance…

The buying cost was $13.55 million and the average buying price was ~$1.24.

If he sells at $1.64, he will make a profit of $4.54 million, an ROI (return on investment) of 33%.” 

The 33rd-ranked crypto asset by market cap rallied from a seven-day low of $1.16 to a high of $1.71, marking gains of over 47%. ARB has slightly given up some of its gains and is trading for $1.63 at time of writing.

Arbitrum currently ranks fourth among all chains in terms of total value locked (TVL) with $2.27 billion, behind Ethereum, Tron (TRX) and BNB Smart Chain, according to the decentralized finance tracker DeFi Llama.

The TVL of a blockchain represents the total capital held within its smart contracts. The metric is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.

Generated Image: Midjourney