Arbitrum (Arb) Whales Became Active After Unlocking Event.

On March 16th, Arbitrum released 1.1 billion tokens, valued at approximately 2.32 billion dollars, on behalf of the team, advisors, and investors.

On March 18th, blockchain analysis firm Lookonchain reported that at least 11 whales had moved their tokens to exchanges. Collectively, these whales deposited approximately 34 million ARB, valued at around 58 million dollars at the time.

The event occurred following a significant token unlock conducted by a layer-2 blockchain project. Arbitrum had locked 1.1 billion ARB tokens (worth $2.32 billion) on March 16th. According to data obtained from the crypto vesting tracker Token Unlocks, 673.5 million tokens were unlocked for Arbitrum's advisors and team members. Additionally, 438.25 million tokens were released for investors.

The project executed a "Cliff Unlock," where tokens were released all at once. This led to speculations that many holders would take short positions against the token. Some community members even shared on social media that they had sold their ARB tokens.

Some hoped that the token wouldn't decline. A community member hoped that instead of falling, token prices would increase, following a similar pattern to other unlock periods. However, the situation was different for ARB.

In the week before the token unlock, ARB token prices consistently dropped. The token rose to $2.22 on March 13th but fell to $1.84 on the day of the unlock, March 16th.

On March 17th, the token further dropped to $1.64, hitting the lowest level in seven days. Currently, ARB is trading at $1.70, nearly 29% below its all-time high of $2.39 reached on January 12th.

Although the unlocked tokens are currently experiencing a 23.42% price decline, token holders may not find relief in the near future. According to Token Unlocks, Arbitrum plans to release an additional 92.65 million tokens on April 16th.

The market value of the tokens to be unlocked amounts to $157 million at the current price. The upcoming ARB token unlock will benefit the team, investors, and advisors.

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