A significant whale recently invested $1.31 million in ARB, rekindling interest in the protocol.
ARB’s price struggles, network metrics decline., once a beacon of the Layer 2 sector, found itself overshadowed by newer protocols. Despite this, a recent surge in whale interest has brought fresh attention to Arbitrum’s native token, ARB.Lookonchain’s data revealed that a prominent whale recently made significant moves within the ARB market. This whale invested 800 ETH, equivalent to $1.31 million, to acquire 1.47 million ARB tokens at a unit price of $0.89.
Interestingly, this wasn’t their first foray into ARB. In mid-August, they purchased 1.27 million ARB tokens at $1.16 per token. Unfortunately, they sold these tokens at a loss, amounting to approximately $35,000 when ARB’s price dipped to $1.13 on Binance. However, despite this renewed interest from whales, the ARB token’s price trajectory hasn’t been encouraging. Over the past month, ARB’s price exhibited a series of lower lows and lower highs, painting a bearish picture. As of the latest data, ARB was trading at a meager $0.891.
Notably, not only did ARB’s price perform poorly, but network metrics also raised concerns. The network growth of ARB took a noticeable hit during this period, suggesting a waning interest from new addresses. Moreover, the velocity of the ARB token fell, indicating a decline in the token’s trading frequency. These developments could potentially exert further downward pressure on ARB’s price in the future.Examining the overall state of the Arbitrum protocol, a decline in activity became apparent. Over the past month, activity on the network decreased by 8.2%, while revenue plummeted by a staggering 22.1% according to data provided by Token Terminal.
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