- Whales showed remarkable interest in ARB.
- Arbitrum’s activity declined. Sales, however, remained positive.
arbitration[ARB] has seen significant growth and success in recent months, both as a protocol and as a token. This caught the attention of whales, giving them great interest in ARB.
Realistic or not, here is ARB’s market cap in terms of BTC
Whale hunting around
According to lookonchain data, a remarkable development occurred over the past three days as five whales withdrew a combined amount of 10.5 million ARB ($13.5 million) from Binance. Among these withdrawals, a single whale has removed 2.34 million ARB ($3 million) from Binance at the time of the latest update. This money movement by large investors can have positive consequences for the ARB.
Another whale withdrew 2.34 million $ARB ($3M) of #Binance 20 minutes ago.
5 whales have withdrawn a total of 10.5 million $ARB ($13.5 million) of #Binance in the past 3 days.https://t.co/1FleolpN3Qhttps://t.co/E9GCmJ7ftc pic.twitter.com/2ic2HsEtse
— Lookonchain (@lookonchain) July 18, 2023
Analysis of the social landscape
The large number of withdrawals and whale confidence could improve general sentiment around ARB. At the time of writing, ARB’s weighted sentiment was negative, suggesting that the crypto community’s overall view of ARB was pessimistic.
Arbitrum’s social popularity hadn’t seen a green either. According to data from LunarCrush, the number of social mentions and social engagements for Arbitrum dropped by 70.2% and 72.6% respectively over the past week.
Source: Sentiment
However, sentiment around Arbitrum could soon change due to the board’s actions.
Arbitrum Board makes a decision
Arbitrum DAO formally approved the launch of the Arbitrum Scholarship Program. The program has a substantial budget of $1 million allocated to it over two quarters. The primary goal is to financially support various teams working on building applications on the Arbitrum platform.
Read Arbitrum’s 2023-2024 price forecast
The grant program aims to promote transparency throughout the funding process. It will also ensure that eligible projects receive sufficient support to contribute to the growth and development of the Arbitrum ecosystem.
Source: snapshot
The proposal may also help improve current activity around the Arbitrum Protocol. At the time of writing, the number of users of the Arbitrum protocol had significantly dropped by 10.1% over the past month, according to data from token terminal. Despite this, the revenue generated by the protocol continued to rise, growing by 19.6% over the same period.