A significant event unfolded in the cryptocurrency realm recently when a substantial amount of Arbitrum's (ARB) tokens were released into the market. This token unlock saw a total of 1.1 billion ARB tokens entering circulation. Initially, the market held steady in response to this influx, but soon after, a decline in price was observed. Amidst these developments, the whales in the crypto space have been making strategic moves on the ARB front.

Whales' Activity on the Arbitrum (ARB) Network.

As reported by the renowned analytics firm Lookonchain, which monitors blockchain transactions, crypto whales have been actively involved in the Arbitrum (ARB) ecosystem. Following the token unlock event, approximately $58 million worth of ARB was transferred to various cryptocurrency exchanges by these influential market players.

Lookonchain's data reveals that post-unlock, 11 whales collectively moved 34 million ARB tokens to exchanges, indicating significant activity in the market by these large holders.

TokenUnlocks, a platform specializing in tracking token unlock events in the crypto space, highlighted a momentous occasion on Saturday, March 16, where 1.11 billion ARB tokens were unlocked on the Arbitrum network. This unlock represented around 42% of the total circulating supply of ARB.

After the unlock event, Lookonchain's data shows that 673.5 million ARB tokens valued at $1.37 billion were transferred to the Arbitrum team and advisors, while investors witnessed the release of 438.25 million ARB tokens worth over $894 million.

Arbitrum (ARB) Price Update

As of the latest data, ARB is currently trading at $1.64. Ranked 27th by market value, ARB has experienced a 0.8% decrease in the past 24 hours and an 18% decline over the last 7 days. Despite its position as a Layer-2 token, ARB has lagged behind the market with a roughly 10% decrease since the beginning of the year.

According to DeFi Llama, a platform specializing in monitoring decentralized finance (DeFi) projects, Arbitrum holds the fifth position in terms of total value locked (TVL) among all chains, trailing behind Ethereum, Tron (TRX), Binance Smart Chain (BSC), and Solana (SOL). The project's TVL stands at approximately $3.276 billion.

While these developments unfold, ARB's market capitalization and 24-hour trading volume have shown notable growth. With a 105% surge in the last 24 hours, ARB's market cap has reached $4.3 billion, and the 24-hour trading volume has surpassed $1.3 billion, marking a 67% increase.