After the much pompous launch of the long-awaited Arbitrum token – ARB – rumors and sell-offs dominated the ecosystem due to a conflict between token holders and the Arbitrum Foundation.
The popular blockchain tracking platform, Lookonchain, has identified four whales “continually” buying ARB tokens, despite the ongoing drama.
- Mechanism Capital’s Andrew Kang is one of the four whales, according to the analysts, who bought an additional 1.51 million ARB at $1.23 with nearly $1.85 million of the USDC stablecoin.
- Kang spent a total of 2.85 million in the stablecoin to buy 2.3 million ARB, with an average buying price of $1.24.
- Another whale, also speculated to be an institutional player, received 5.86 million ARB, worth around $7.15 million, from the centralized exchange Gate.io and currently holds a total of 17.62 million ARB, worth around $21.5 million. The whale has become the largest individual holder of ARB.
- The third one purchased 795,381 ARB again with one million in USDC stablecoin at a price of $1.26 and currently holds 10.6 million in ARB (worth approximately $12.94 million).
- The fourth whale, on the other hand, received 532,012 ARB (worth around $661,000) again. It currently holds 4.58M ARB (worth around $5.59 million).
- The fresh whale activity came after Arbitrum Foundation received significant backlash over its governance voting system.
- This forced the team to unveil two new proposals with several changes wherein it vowed to hold onto the 700 million ARB tokens left in the Administrative Budget Wallet until the DAO authorizes an appropriate spending plan.