Crypto Whales Pounce On Ethereum Scaling Of Altcoin, Collecting 13,310,000 Arbitrum (ARB) After Polygon Rival’s Airdrop
Deep-pocketed investors gobbled up millions of Arbitrum (ARB) just a day after competitor Polygon (MATIC) distributed tokens to eligible users.
Blockchain monitoring service Lookonchain shares the top five whale transactions for Arbitrum in the last day valued at 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 arbitrage transactions in the past 24 hours involves a crypto whale trade 3,700 Ethereum worth $6.79 million for 4.94 million ARB.
According to the chain-based data tracking service, the major entity purchased the large ARB stack at an average purchase price of $1.38.
In the other four major transactions, Lookonchain says crypto whales used stablecoins USD Coin (USDC) and Tether (USDT) to accumulate millions of ARB.
A whale bought 2.74 million ARB with 3.52 million USDC at an average purchase price of $1.28. According to the blockchain tracking service, the whale then used the ARB board to raise liquidity on decentralized exchange Uniswap (UNI) and generated $1.77 million in trading fees.
Another whale intercepted 2.61 million ARB using USDC and USDT worth $3.56 million 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 purchase price of $1.33.
The Arbitrum whale purchase comes a day after the crypto project launched its much-anticipated airdrop on March 23. On the same day, blockchain explorer Arbiscan reported that daily transactions on Arbitrum skyrocketed to a new all-time high of 2,733,872.
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Featured image: Shutterstock/3000ad/Sensvector
