Whale has sold massive portion of ARB after receiving airdrop
According to data provided by the @lookonchain tracker of “Smart Money” wallets, several hours ago, Arbitrum performed an airdrop, distributing approximately 90.15 million ARB coins to the crypto community via 131 DAO wallets.
That amount of ARB is evaluated at roughly $118 million USD currently.
The tracker further noted that a whale called TRIDENT sold 131,345 ARB, using three addresses at the price of $1.31, earning $172,000.
Notably, TRIDENT has sold 131,345 $ARB ($172K) at $1.31 through 3 addresses after receiving 257,540 $ARB ($337K).https://t.co/knKqrcg3Qb pic.twitter.com/vHWJxagrEY
— Lookonchain (@lookonchain) April 25, 2023
Recently, analyst Jack Niewold stated on his Twitter account that ARB has strong enough potential to surpass such prominent cryptocurrencies as Hedera, Aptos, Stellar, ICP, ETC, LEO Token, Avalanche and XRP.
The reason for that is that ARB can ensure its holders have access to unliquidatable leveraged ETH beta. However, the analyst told the ARB community, as if rebuking them: “You sold the airdrop.”
Crypto YouTuber and influencer Lark Davis tweeted in response to that reproach that he has been staking ARB and did not sell.
— Lark Davis (@TheCryptoLark) April 24, 2023
Arbitrum ranks 35th on the CoinMarketCap scale. At the time of this writing, ARB is changing hands at $1.31 after a minor drop of less than 1% in the past 24 hours.