- A whale has sold millions of ARB tokens despite not being in profit.
- Buying pressure has dried up, indicating a further plunge below $1.05.
- If bulls are able to defend the $1 region, ARB may retest $1.12 in no time.
According to Lookonchain, an Arbitrum whale is dumping millions of ARB tokens again. This whale was identified by the smart money tracking platform Lookonchain on November 17, when their wallet was spotted selling ARB tokens at a loss. This time, it did not seem any different as the same whale sold ARB at $1.05 after buying at $1.23, at a loss of $6 million.
The giant whale has dumped all 14M $ARB($14.84M) at ~$1.05 since Nov 16.The whale withdrew 22.55M $ARB($27.76M) at ~$1.23 from #Binance and #Gateio in April.
And also deposited 8.44M $ARB($6.92M) to #Binance at $0.82 in Sept.
The total loss is $6M.https://t.co/46fMtKikbd pic.twitter.com/D2JRsGaGk3
— Lookonchain (@lookonchain) November 20, 2023
ARB Profit-Taking Rules
According to CoinMarketCap, Arbitrum has lost 7.98% of its value in the last seven days.
The decrease in price could be linked to the whale dump. Besides that, ARB’s 30-day performance was a 32.16% increase. So, there is…
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