Dormant Whales Awaken, Propelling ARB’s Price to Soaring Heights

Key Insights:
- Dormant whales’ transactions propel ARB’s price to surge, sparking speculation and intrigue.
- ARB outperforms Bitcoin and Ethereum, experiencing significant gains in a short span.
- Bullish momentum builds for ARB as technical indicators point to further price increases.
The blockchain tracking firm Lookonchain has revealed an unexpected twist in the crypto market as two dormant whales resurfaced, causing a remarkable surge in Arbitrum (ARB) price. This revelation has sparked speculation about whether these whales were privy to insider information regarding the anticipated rally of ARB.
Whale Activity Sparks Speculation
Lookonchain’s recent tweet revealed that a whale identified as “0x1b67” withdrew a substantial amount of ARB, totaling 450,881 tokens worth approximately $504K, from Binance over the weekend. Intriguingly, this particular whale had been inactive for an astonishing 1.6 years, adding to the mystery surrounding its sudden resurgence.
Meanwhile, another whale, identified as “0x3737,” executed a significant purchase of 1.57 million ARB by utilizing 939 Ethereum (ETH), valued at approximately $1.68 million. This transaction occurred on June 20, after six months, when the whale remained dormant. Notably, the average purchase price for the ARB tokens was $1.07.
According to reports, whale activities significantly impacted ARB’s price. CoinMarketCap data reveals that ARB trades at $1.20, reflecting a 5.22% gain within 24 hours. Moreover, the altcoin has demonstrated superior performance to prominent cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), exhibiting a 9.62% increase against BTC and a 10.53% increase against ETH.
ARB/USD 24-hour price chart (Source: CoinMarketCap)
ARB Surges as Bullish Momentum Builds
ARB’s trading volume experienced a notable upswing, reaching $511,575,557, representing a remarkable 151.10% increase compared to the previous day’s trading volume, all in tandem with the price surge.
From a technical perspective, ARB’s price trades above the 9-day and 20-day EMA lines, suggesting a bullish trend. A significant bullish flag formation emerged on ARB’s daily chart in the past 48 hours, with the shorter EMA line crossing above the 20-day EMA line. This development indicates a short-term bullish cycle, hinting at the potential for ARB’s price to continue rising in the next 48 hours.
Daily chart for ARB/USDT (Source: TradingView)
As the crypto market remains unpredictable, these dormant whales’ emergence and the subsequent impact on ARB’s price have generated speculation among traders and analysts.
With ARB’s price skyrocketing and its trading volume surging, investors and enthusiasts eagerly await further developments in the coming days. ARB has positioned itself as an altcoin to watch as the market continues to evolve, demonstrating its resilience and potential for significant growth.
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