Dormant Whales Hoarding Arbitrum (ARB) Tokens, Prices To Rally?

Two dormant whales have re-emerged in the cryptocurrency market and made significant Arbitrum’s ARB token purchases that suggest they possessed insider knowledge. The targeted token, $ARB, has experienced a remarkable surge today, both in price and trading volume, attracting the attention of seasoned investors and observers.

Whale ARB Transactions

As reported by on-chain analysis platform, Lookonchain, the first dormant whale, identified as “0xb28f,” made an impressive move by investing 200 ETH (equivalent to $375,000) to acquire 321,934 $ARB tokens at a rate of $1.16 just two hours ago.

This isn’t the first time “0xb28f” has demonstrated such boldness. On June 10, they spent 300 ETH (approximately $525,000) to purchase 538,558 $ARB tokens when the price stood at $0.98. The cumulative effect of these substantial investments cannot be overlooked.

The second whale, known as “0x79cc,” exhibited a similar pattern. Around ten hours ago, this whale purchased 937,176 $ARB tokens at a price of $1.13, using 1,058,665 USDC as the means of exchange. With this purchase, “0x79cc” demonstrated a strong belief in the future value of $ARB.

Also Read: Whales Scooped Up ARB Tokens Amid May Low..

ARB Token Price Action

At the press time, the value of $ARB stands at $1.20, experiencing a notable 10.30% increase over the past 24 hours. The trading volume has surged by an impressive 145.82%, amounting to $507,288,655 within the same period.

The emergence of dormant whales, their well-timed investments, and the subsequent surge in $ARB’s price have sparked debates among investors and regulators alike. Since Arbitrum is Ethereum’s Layer 02 blockchain, it may be contemplated whether these sudden price movements are related to account abstraction.

Given the recent rise in popularity since Vitalik Buterin’s comment on ERC-4337 , it is reasonable to suspect its involvement in the observed market fluctuations. Account abstraction is a technical concept that allows users to customize their Ethereum accounts, enabling them to execute complex transactions without relying on smart contracts.