• On-chain data shows that whales are buying Arbitrum (ARB) tokens despite the ongoing drama.
• Four whales, including Mechanism Capital’s Andrew Kang, have been identified as consistently buying ARB tokens.
• The Arbitrum Foundation received backlash due to its governance voting system, causing the team to make changes to their voting structure.
Whales Buying ARB Tokens
On-chain data has revealed that four whales are continuously buying up Arbitrum (ARB) tokens, even with all of the ongoing drama in the ecosystem. Lookonchain identified these four whales, which include Mechanism Capital’s Andrew Kang and an institutional player.
Kang purchased an additional 1.51 million ARB at $1.23 with nearly $1.85 million of USDC stablecoin total; a total of 2.3 million ARB at an average purchasing price of $1.24 after spending 2.85 million in stablecoin was bought by him.
The second whale is speculated to be an institutional player who received 5.86 million ARB worth around $715 million from Gate centralized exchange and currently holds 1762 million ARB worth around $2150million, making them the largest individual holder of ARB tokens right now.
The third whale purchased 795381 ARB again with one million USDC stablecoin at a price of $126 and currently holds 1060 million in ARB (worth approximately $1294million).
The fourth whale received 532012 ARB (worth around 661000) again and currently holds 4582M ARB (worth around 559000000). This activity followed after Arbitrum Foundation drew criticism for its governance voting system which resulted in the team having to make changes to their voting structures..