Following the highly anticipated launch of ARB – the Arbitrum token – the ecosystem was overshadowed by rumors and sell-offs due to a disagreement between the Arbitrum Foundation and token holders.
According to analysts at Lookonchain, four whales have been persistently buying ARB tokens despite the ongoing drama:
- Andrew Kang from Mechanism Capital purchased an additional 1.51 million ARB for almost $1.85 million USDC stablecoin at an average price of $1.23, spending a total of $2.85 million in stablecoin to buy 2.3 million ARB.
- Another whale, believed to be an institutional player, received 5.86 million ARB worth approximately $7.15 million from centralized exchange Gate.io and holds a total of 17.62 million ARB, worth around $21.5 million.
- The third whale purchased 795,381 ARB for $1 million in USDC stablecoin at a price of $1.26 and currently holds 10.6 million ARB, worth approximately $12.94 million.
- The fourth whale received 532,012 ARB worth around $661,000 and currently holds 4.58 million ARB, worth approximately $5.9 million.
- This buying activity came after the Arbitrum Foundation received significant criticism over its governance voting system. The team then unveiled two new proposals with several changes, vowing to hold onto the 700 million ARB tokens left in the Administrative Budget Wallet until the DAO authorizes an appropriate spending plan.
