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A historic event occurred in the world of cryptocurrency last Saturday as billions of dollars worth of Arbitrum’s (ARB) tokens were unlocked. Following the unlock, a total of 1.1 billion ARB tokens entered the market. Although the price initially remained strong after this influx, it began to decline from that point onwards. Meanwhile, it seems that the whales were not idle. So, what’s happening on the ARB front?
Whales’ Move on Arbitrum (ARB)
According to the famous company Lookonchain, which tracks transactions on the blockchain, crypto whales have made their move on the Arbitrum (ARB) front. A significant token unlock took place over the weekend on the ARB side, followed by the transfer of approximately $58 million worth of Arbitrum (ARB) to cryptocurrency exchanges.
According to Lookonchain, after the unlock, 11 whales transferred a total of 34 million ARB to the exchanges.
TokenUnlocks, known for tracking token unlock events in cryptocurrencies, states that Arbitrum hosted a historic event on Saturday, March 16, by unlocking 1.11 billion ARB tokens. This unlock represented approximately 42% of ARB’s circulating supply.
According to data presented by Lookonchain, after the unlock, 673.5 million ARB worth $1.37 billion were transferred to the Arbitrum team and advisors, while investors saw the unlock of 438.25 million ARB valued at over $894 million.
What is the Price of Arbitrum (ARB)?
At the time of writing, ARB is trading at $1.64. With a market value ranking of 27th, ARB has seen a decrease of 0.8% in the last 24 hours and 18% over the last 7 days. The Layer-2 token has lagged behind the market with a decline of about 10% since the beginning of the year.
According to DeFi Llama, known for tracking decentralized finance (DeFi), Arbitrum is currently ranked fifth in terms of total value locked (TVL) among all chains, following Ethereum, Tron (TRX), Binance Smart Chain (BSC), and Solana (SOL). The project’s TVL is approximately $3.276 billion.
While all this is happening, ARB’s market cap and 24-hour trading volume have also increased. ARB’s market cap reached $4.3 billion after a 105% increase in the last 24 hours, while the 24-hour trading volume exceeded $1.3 billion with a 67% increase.
