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Whales Boost ARB Token With Recent Accumulation Activities
According to data from on-chain analyst Lookonchain, a prominent whale recently purchased 2.28 million ARB tokens, valued at approximately $1.86 million, through FalconX. These tokens were withdrawn from Binance to FalconX on 9/14 and subsequently transferred to another address. The estimated average acquisition price for the whale stands at around $0.81.
Source: Lookoinchain
ARB had experienced a decline to $0.74 on September 11, partly influenced by the broader crypto market’s downward trend, which also saw Bitcoin drop below $25,000. However, the token rebounded, with buyers showing interest at around $0.87 before stabilizing near $0.82.
ARB price chart. Source: TradingView
Chainlink Integration and Innovative Features Fuel Growth
Arbitrum, a leading Ethereum Layer 2 scaling solution, recently made a significant stride by launching the Chainlink Cross-Chain Interoperability Protocol (CCIP) mainnet on its Arbitrum One chain. This development is expected to enhance the ARB ecosystem by improving user experiences and attracting more developers. Such advancements have played a role in boosting ARB’s price in recent days.
Arbitrum’s appeal to whales is evident due to its role in alleviating Ethereum’s network congestion and high gas fees. Notably, the protocol has introduced an innovative feature allowing users to protect against “Impermanent Loss,” a critical risk management tool that benefits large-scale traders and investors.
As Arbitrum continues to evolve, it emerges as a compelling choice for those seeking to optimize their Ethereum-based operations. The growing confidence of whales and the integration of the Chainlink protocol signal promising prospects for the ARB token and the Arbitrum ecosystem as a whole.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
