• On-chain data shows four whales are buying ARB tokens “continually”.
• Mechanism Capital’s Andrew Kang bought 1.51 million ARB at $1.23 with nearly $1.85 million of the USDC stablecoin.
• Another whale became the largest individual holder of ARB, receiving 5.86 million from Gate.io and currently holds 17.62 million worth around $21.5 million.
Whales Stacking Tokens
On-chain data reveals that whales are stacking Arbitrum (ARB) tokens despite the ongoing drama in its ecosystem due to a conflict between token holders and the Arbitrum Foundation.
Four Whales Identified
Lookonchain, a popular blockchain tracking platform has identified four whales “continually” buying ARB tokens – Mechanism Capital’s Andrew Kang, an institutional player, another whale who purchased 795,381 ARB with one million USDC stablecoin and third one holds 10.6 million in ARB (worth approximately $12.94 million). The fourth whale received 532,012 ARB (worth around $661,000) currently holding 4.58M ARB (worth around $5.59 million).
Backlash Over Governance Voting System
The fresh whale activity came after Arbitrum Foundation received significant backlash over its governance voting system which led them to make changes in order to satisfy their investors.
Andrew Kang’s Purchase
Andrew Kang is one of the four whales who bought an additional 1.51 million ARB at $1.23 with nearly $1.85 million of the USDC stablecoin by spending a total of 2.85million in the stablecoin.
Largest Individual Holder Of Token
A particular whale became the largest individual holder of ARBs after obtaining 586m worth around 715m from Gate exchange and it now holds 1762m worth 2150m USDTstablecoins altogether