Some investors panic sold $ARB during Arbitrum’s weekend governance drama, but data shows whales are not looking to paper hand their tokens.
Arbitrum suffered a big blow during the April 1 to April 2 weekend due to a conflict between the ARB token holders and the Arbitrum Foundation on theData from on-chain analysis firm Arkham Intelligence shows that the transfer of $50.5 million out of the disputed allocation of 750 million ARB tokens. They shared with“Only 50.5 million of those tokens have been moved.
The fear, doubt and uncertainty created during the weekend caused ARB price to plunge by 20% from March 31’s peak of $1.44 to lows at $1.10.CointelegraphArkham’s analysts recorded $12 million in cumulative ARB whale deposits on exchanges, which indicates selling, compared to $18 million withdrawals, which is indicative of buying.
The holdings of smart money wallets are still greater than the total claims made by these wallets in total, suggesting that smart wallets are holding their buys. The number of smart money wallets holding ARB tokens has been consistent. Technically, the ARB/USD chart looks bullish as sellers failed to break below the March 28 lows of $1.11 despite the FUD around the misappropriation of funds during the weekend.Ten days since the token launch, around 90% of the airdrop has been claimed by recipients. The adverse impact of the governance drama during the weekend likely motivated remaining airdrop holders to sell their holdings.
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