Keith Arbitrum dropped 930,000 coins

Participants in airdrops often try to get rid of the received tokens as soon as possible, which leads to a fall in the price of the asset. A few hours ago, the Arbitrum whale converted 933,375 ARB into 708 ETH – at current prices, the transaction value was about $1.27 million.

Participants in airdrops often try to get rid of the received tokens as soon as possible, which leads to a fall in the price of the asset. A few hours ago, the Arbitrum whale converted 933,375 ARB into 708 ETH – at current prices, the transaction value was about $1.27 million.

The move was spotted by the Lookonchain platform, which described the whale as a “super airdrop hunter.” Perhaps it was the Arbitrum hacker who got rid of illegally acquired funds.

Korean Exchanges Accumulate Arbitrum

This is not the only airdrop hunter that Lookonchain analysts have discovered. On March 24, one user received 1.4 million ARB worth $1.9 million and sent it to Uniswap to provide liquidity. These tokens have not yet been sold or converted.

But the biggest holders of Arbitrum at the moment are not individuals, but large platforms. March 31 Colin Wu reportedthat over the past 24 hours, a huge amount of ARB has accumulated on the address of the Korean exchange Upbit:

Accumulation could be a sign that Korean exchanges are expecting higher demand for ARB.

According to L2beat, Arbitrum One remains the most popular Tier 2 network in terms of total value of locked funds. It accounts for 67% of the L2 solutions market and $6.13 billion TVL.

What happens to the ARB price

At the time of writing, the Arbitrum native token is trading at $1.36. After the massive dump that followed immediately after the airdrop, the price of the asset has been flat for several days.

Nevertheless, ARB managed to stay in the top 40 cryptocurrencies by capitalization. Arbitrum currently has a market value of around $1.7 billion. There are 1.27 billion tokens in circulation, just under 13% of the total supply.