Arbitrum (ARB) price has experienced a significant decline of 11% in the last 12 hours. This decline coincides with a period when the market was declining and a major unlocking event was taking place in the altcoin.
Following this incident, six wallets that received tokens from recently unlocked vesting contracts deposited 8.95 million ARB to Binance, equivalent to $16.4 million. Despite this significant deposit, these wallets continue to hold the considerable sum of 32.95 million ARB worth $56.7 million.
In another notable development, the whale with short wallet address 0xc99 deposited the last 3 million ARB worth $4.97 million to Binance at a price of $1.65 per token. This whale is not one of those who received unlocked tokens.
This move is the latest in the transactions of the whale, who previously accumulated 5.02 million ARB worth $4.09 million from Binance and OKX on September 25, 2023, at $0.814 per token. Following this accumulation, the same whale deposited all its tokens into Gate.io and Binance on March 5, 9 and 17, 2024.
If the 0xc99 whale did indeed sell its tokens, it would have made an estimated profit of $5.2 million, an increase of 127% from the initial investment.
*This is not investment advice.