Dormant whales accumulate massive Arbitrum (ARB) tokens, raising concerns

Arbitrum has attracted market attention today after two dormant whales re-emerged and scooped massive ARB tokens. Meanwhile, the well-time investments by waking investors and subsequent price upticks have raised insider knowledge concerns.

Considering the events surrounding the enormous token buys, the dip-pocketed investors likely had insider knowledge about Arbitrum’s blockchain. The altcoin recorded impressive upticks in trading volume and price today (27 June).

ARB whale activity

Whales are buying $ARB!

Whale"0xb28f" spent 200 $ETH ($375K) to buy 321,934 $ARB at $1.16 again 2 hrs ago.

"0xb28f" once spent 300 $ETH ($525K) to buy 538,558 $ARB at $0.98 on June 10.

Another whale"0x79cc" spent 1,058,665 $USDC to buy 937,176 $ARB at $1.13 about 10 hrs ago.

— MaxxBull (@0XMaxxBull) June 27, 2023

Twitter updates show whale 0xb28f made a massive move on ARB tokens, spending 200 Ethers (worth approximately $375K) to purchase 321,934 ARB coins on Tuesday. The investor scooped the tokens when the alt changed hands at $1.16.

Also, 0xb28f made a significant ARB purchase on 10 June, spending 300 ETH to accumulate 358,558 ARBs at an $0.98 average price.

Another whale, ox79cc, displayed similar actions. The address accumulated 937,176 ARB coins at $1.13 about ten hours ago. The investor used 1,058,665 USDC to complete the transactions. The enormous by shows ox79cc’s trust in ARB’s future price movements.

Arbitrum price outlook

Arbitrum gained 10.3% over the last 24 hours to $1.20 at press time. The altcoin’s trading volume hit $507,288,656 after a remarkable 145.82% daily uptick.

Meanwhile, dormant whales’ re-emergence, the timing, and subsequent price upticks have triggered debates within the cryptocurrency community. As Arbitrum is an Ethereum layer2 platform, some believe account abstraction could be behind the sudden price actions.

Account abstraction is a concept that users utilize to personalize their Ether accounts, allowing them to complete multifaceted transactions without depending on smart contracts.