Whales amass large amounts of ARB, a bullish sign.

Whales amass large amounts of ARB, a bullish sign.

The Rise of Whale Accumulation in the ARB Token

The bear market has taken a toll on many cryptocurrencies, causing their values to plummet. However, amidst this turmoil, one token has managed to hold on to a significant amount of its all-time high value – Arbitrum (ARB). Not only is ARB standing strong, but it is also flashing a green bullish flag, indicating its potential for growth. This bullish sentiment has attracted the attention of large investors, leading to a surge in whale accumulation.

According to on-chain data tracker Lookonchain, there has been a notable increase in whale accumulation of ARB tokens on the Arbitrum blockchain. The accumulation trend started around July 17 and has been steadily growing since then. On July 20, Lookonchain reported three transactions involving 3.76 million ARB tokens worth $5 million at the time, moving from the Binance exchange to known whale wallets. This was just the beginning of the accumulation spree.

The following day, another transaction took place, involving the transfer of 4 million ARB tokens from Binance to a private wallet. The source of the transaction remained the same, and the tokens were valued at $5 million. The most recent whale accumulation occurred on July 19, with a whale identified as “0x6950” withdrawing 4.6 million ARB tokens worth $5.84 million from Binance.

The consistent accumulation trend among these large holders suggests their anticipation of a price recovery in the near future. Additionally, their withdrawals have reduced the selling pressure on the ARB token, providing further support for a potential rally.

Arbitrum Dominates the Layer 2 Blockchain Landscape

Arbitrum’s success in the market has contributed to the bullish sentiment surrounding its native ARB token. In terms of Total Value Locked (TVL) on Ethereum Layer 2 blockchains, Arbitrum is leading the pack, surpassing competitors like Polygon and Optimism.

While Polygon and Optimism have TVLs of $1.027 billion and $926 million, respectively, the Arbitrum network boasts an impressive TVL of $2.68 billion. This makes Arbitrum the fourth-largest Layer 2 blockchain by TVL, trailing behind Ethereum, Tron, and BSC.

With Arbitrum controlling a significant portion of the Layer 2 TVL, it is expected that the value of its native token, ARB, will also experience a surge. Currently, ARB is trading at $1.29 with a 3.33% price gain in the last 24 hours. However, if whale accumulations continue and sell pressure continues to decline, the price of ARB could easily reach $1.5 and beyond.

ARB price retests $1.3 resistance

In conclusion, the blockchain industry is witnessing a remarkable phenomenon in the form of whale accumulation in the ARB token. Despite the bear market, ARB has managed to maintain its value and even exhibit bullish tendencies. The influx of large investors accumulating ARB tokens indicates their belief in an imminent price recovery. Furthermore, Arbitrum’s dominance in the Layer 2 blockchain space, reflected in its substantial TVL, adds to the positive sentiment surrounding the ARB token. As the accumulation trend continues and sell pressure diminishes, the ARB token is poised for further growth and potential price surges.

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