On-chain Analysis Shows Most Whales Still Holding Arbitrum

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Last Updated on April 4, 2023 by Bitfinsider

Arbitrum governance took center stage over the weekend, before its self-titled foundation backed down from the problematic AIP-1 plan and its “ratification” vote for financial actions already done.

After admitting that AIP-1 was unlikely to succeed after a flood of negative ballots, the Arbitrum Foundation has decided to split the dense AIP into smaller parts.

“”We will take the DAO’s guidance and split the AIP into parts because AIP-1 is too big and includes too many subjects,” it tweeted. This will enable the community to debate and decide on the various subsections.”

The drama has resulted in a significant drop in the price of Arbitrum’s governance coin, which is down roughly 5% in the last 24 hours.

Despite the price drops on Sunday, on-chain research indicates that many metaphorical whales — large investors with market-swaying impact — are hesitant to sell.

Arbitrum hoarder 0xe04d has yet to sell any ARB governance tokens after buying them on Binance three days ago. They presently have 4,048,948 coins in their possession.

Another Arbitrum giant, 0xadf5, has yet to sell any ARB governance tokens after buying them on OKX three days ago. It presently has 4,099,518 coins valued at $4,837,431.

Meanwhile, around noon EDT, Arbitrum whale 0xa252 got roughly 676,000 coins from Binance. Its ARB hoard presently stands at 1,679,798 tokens, which were bought at an average cost of $1.24 per token, according to on-chain research account Lookonchain.

How to Buy or Trade ARB on Scallop Exchange

You can buy or trade ARB on Scallop. As Scallop frequently holds campaigns and events, you should check out its official Telegram group here to see if you can participate and win rewards as you trade.

On Scallop, you can trade ARB as a spot pair (ARB/USDT) in 3 simple steps:

  1. Sign up and register an account on Scallop 
  2. Buy USDT via Scallop One-click Buy (Follow the step-by-step guide from step 1 to 6) 
  3. Trade ARB/USDT at Scallop Spot

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