After Backlash, What Are the Arbitrum (ARB) Whales Doing?

Despite the controversy surrounding Arbitrum's proposal and the resulting drop in ARB prices, most whales holding the token remain inactive.

Drama Causes ARB Price Decline

As reported by Coin68, the past weekend was tumultuous for the DeFi community following a new decision from the Arbitrum Foundation.

The situation began with Proposal AIP-1, which aimed to grant control of 750 million ARB (~7.5% of the total supply) to the organization. This fund was intended for development grants and to cover operational costs through sales.

Noting the proposal's lack of community support and the overwhelming opposition, Arbitrum decided to break the proposal into smaller voting parts.

• See More: The Drama Surrounding Arbitrum Foundation

ARB's price has dropped nearly 5% over the past 24 hours, trading around $1.20.

ARB Whale Activity Remains Static

Despite the backlash, on-chain data from Arbiscan shows that most ARB whales—holders of significant token amounts—have shown no intention of dumping their ARB.

The wallet with address 0xe04d, which purchased a large amount of ARB on Binance three days ago, has yet to show any selling activity. This wallet currently holds 4,048,948 tokens.

Another Arbitrum whale with wallet address 0xadf5 has also not sold any ARB since buying on OKX three days ago. This address holds 4,099,518 tokens, valued at approximately $4.8 million.

Meanwhile, wallet 0xa252 received around 676,000 tokens from Binance and still holds a total of 1,679,798 tokens. According to Lookonchain, the average price of these tokens is $1.24/ARB.

On the other hand, whale wallet 0xb154 retains 9.94 million ARB with an average purchase price of $1.26/token, based on Lookonchain data.

However, not all Arbitrum whales are holding. Notably, wallet 0x1dd9 experienced a loss of $141,000 after selling 2.03 million tokens at $1.15 each, although it still holds 500,102 ARB.

Recently, whale 0x09d4 transferred 700,000 ARB to Binance but still has about 1.2 billion tokens remaining in the wallet.

Interested in ARB? - Detailed Information on ARB

While many whales have yet to cash out and the project claims no short-term token sales, the Arbitrum Foundation has certainly lost some trust within the community.