Crypto whales deposited about $58 million worth of the Ethereum (ETH) layer-2 scaling solution Arbitrum (ARB) into crypto exchanges after the project had a massive token unlock over the weekend, according to the blockchain tracker Lookonchain.
Lookonchain notes that 11 whales deposited 34 million ARB into exchanges after the unlock.
Source: Lookonchain/X
Arbitrum unlocked 1.11 billion ARB tokens on March 16th, according to the crypto tracker TokenUnlocks. That total represents nearly 42% of the asset’s circulating supply.
Blockchain tracking firm Lookonchain notes that 673.5 million ARB worth $1.37 billion was unlocked for the Arbitrum team, future team and advisors, and 438.25 million ARB worth over $894 million was unlocked for investors.
ARB is trading at $1.56 at time of writing. The 32nd-ranked crypto asset by market cap is down nearly 7.5% in the past 24 hours and 25% in the past week. The scaling solution is also down nearly 10% since the start of the year.
Arbitr
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