TL;DR
- After a massive unlock of Arbitrum tokens, 11 whales deposited a total of 34 million ARB (equivalent to $58 million) to the exchanges.
- The token unlocking was carried out abruptly, leading to speculation about the reaction of the holders.
- The ARB token price has seen a significant decline since the unlock, hitting a seven-day low.
The crypto community was recently shaken by an ARB token unlock event on Arbitrum, which triggered a series of significant moves and speculation in the market.
Following the massive unlocking of 1.1 billion ARB tokens, valued at $2.32 billion, on March 16, attention turned to the reaction of investors and holders.
One of the most notable observations was the transfer of funds by Arbitrum whales.
According to blockchain analysis, at least 11 whales collectively moved 34 million ARB tokens, valued at almost $58 million , to cryptocurrency exchanges.
This move caused a stir in the community, with many closely watching the activity in the markets, LookOnChain revealed some of this information through X.
After the massive unlocking of $ARB, 11 whales deposited a total of 34M $ARB($58M) into the exchanges.https://t.co/Lcr5S3wE3t pic.twitter.com/jTBl5f3kQ5
— Lookonchain (@lookonchain) March 18, 2024
The token unlocking was done abruptly, known as “Cliff Unlock“, releasing all tokens at once.
This decision sparked speculation that holders could take short positions against the ARB token, which was reflected in the token’s price decline in the days following the unlock.
Before unlocking, Arbitrum token saw constantly declining prices
After reaching a high of $2.22 on March 13 and falling to $1.64 on March 17, its lowest point in seven days.
Currently, the token remains around $1.70, almost 29% below its all-time high of $2.39.
This impact on the Arbitrum token price has led investors to watch cautiously, especially with another unlock scheduled for April 16.
Another 92.65 million ARB tokens, valued at approximately $157 million, are expected to be released on that date, which could lead to further fluctuations in the market.
The mass unlocking of ARB tokens has generated a number of movements in the market and has highlighted the importance of managing unlock events in the cryptocurrency space.
Investors are keeping an eye on any future developments that could affect the price and stability of the ARB token.
