ARB token hovers at $1.70, around 29% down from its all-time high of $2.39 on Jan. 12.
$18.5 million in Arbitrum tokens made their way into Binance after $58 million in ARB were sent to exchanges last week.
Another batch of whales holding Arbitrum moved their coins into exchanges following the release of a large number of vested tokens earlier in March.The whales transferred 11.34 million ARB tokens onto Binance in four different transactions. These assets are worth $18.5 million at the time of transfer.The event follows another batch of transfers last week when 11 whales deposited ARB into exchanges. On March 18, Lookonchain flagged that whalesafter the vesting period. The project allocated 673.
The project released the tokens in a cliff unlock, where tokens were released at once. This sparked predictions that there would be a massive dump, while some hoped this would not happen.Weeks after the token unlock, ARB prices went on a downward trend. On March 13, the ARB token recorded a high of $2.22. However, prices dropped to $1.84 on March 16, when the tokens were unlocked.
In the past seven days, the token dropped to as low as $1.48 on March 19 but hit a high of $1.79 on March 21. At the time of writing, the token is hovering at $1.70. According to coin data tracker CoinGecko, ARB’s current price point is almost 29% lower compared to its new all-time high of $2.39 on Jan. 12.While the token vesting unlock seemed to already have an effect on the prices, this may not be the end of the downward price trend.that Arbitrum is scheduled to release 92.65 million more ARB tokens for its advisers, team and investors on April 16.
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