The source of this rally is being questioned after the pump that suddenly took Arbitrum (ARB) from $1.15 to $1.44, an increase of approximately 25%.
After the climb to $1.44, the ARB price experienced a decline and is trading at $1.34 at the time of writing, but it is still at a significantly higher level than the initial level.
It turned out that Amber Group and a huge whale with the short name 0x0db had accumulated ARB before this sudden price increase.
Whale 0x0db attracted 2.91 million ARBs from OKX, equivalent to $3.53 million at a price of $1.21 per ARB. This is not the first time the whale has traded ARB on OKX. Whale made a profit of $913,000 (+42%) on 1.85 million ARB trades on OKX between April 10-15, 2023.
Currently the 0x0db whale holds 4.15 million ARB worth $5.62 million with a floating gain of $924,000 (+19.5%).
Amber Group, known by the address 0x011, has accumulated 6.41 million ARB worth $7.58 million from Binance since November 17 at an average price of $1.18. Notably, the company's last ARB accumulation involved withdrawing 151 million ARB ($2.07 million) from cryptocurrency exchange Binance at $1,372 on December 22, 2023 at 21:45. The company's floating earnings from ARB are at $1.07 million (+14.2%).
*This is not investment advice.
