Arbitrum Plummets Over 12% Amid Altcoin Market Turmoil

Source: TradingView

This decline coincided with Bitcoin’s (BTC) fall below the $30,000 mark, dragging many altcoins, including ARB, down with it.

However, it’s worth noting that just one week before this writing, on April 12, ARB was being traded at around $1.167. Interestingly, the token’s value started to surge after that, reaching as high as $1.795 on April 18, marking an impressive 53% increase in just six days. Many whales also noticed this surge, as data from April 18 revealed that whales have been trading Arbitrum throughout the week of April 10-17.

In fact, as of April 18, 23 whale accounts were holding over 1 million ARB tokens. During that week, a total of nine whale wallets cumulatively bought 12.4 million ARB tokens priced between $1.2 and $1.5. Meanwhile, three whales sold a total of 22.8 million ARB valued between $1.37 and $1.69.

Despite the weekly surge in ARB’s value, it’s important to note that data indicates the token’s price is still 94.18% lower than it was 30 days ago. This means that while the recent increase in value is certainly noteworthy, it’s important to remember that the token has a long way to go before it can reach its previous value.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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