Whales Boost Activity in Arbitrum Ahead of Dencun Upgrade, ARB Token Release
The Essentials in Brief
The activities of large investors, also known as “whales,” in the Arbitrum ecosystem are increasing. This is happening ahead of two significant events: the Dencun upgrade and the largest token release of ARB. Large amounts of the Layer-2 token Arbitrum (ARB) have been transferred to crypto exchanges in the last 24 hours.
Growing Interest of Whales in Arbitrum
According to the on-chain data tracker Spot On Chain, two whale investors have deposited a total of 2.77 million ARBs on Binance. The transferred amount amounted to 4.87 million US dollars at the time of transfer. A significant increase in high-value transactions of ARB in the past week was also noted.
Two Key Events Loom
The increase in whale transactions is happening ahead of two crucial events in the Arbitrum ecosystem. The first is the eagerly anticipated Dencun upgrade, scheduled for March 13. This technical upgrade is expected to significantly reduce transaction fees for Layer-2 projects.
The second event is the largest token release of ARB, scheduled for March 16. Here, 1.1 billion tokens, representing 76% of the circulating supply, are to be distributed to the team and investors.
Our Assessment
The increasing activity of the whales and the upcoming events could further boost interest in Arbitrum and ARB. However, the release of such a large amount of tokens could also exert inflationary pressure on ARB and possibly lead to significant losses. It remains to be seen how these events will impact the market.
Sources: Spot On Chain, Santiment, Token Unlocks, AMBCrypto, Aniket Verma, Saman Waris.
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