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- Major buyer moves $17 million in ARB tokens to Binance.
- The ARB token has attracted attention since the introduction of Arbitrum.
- The Arbitrum community voted against reallocating 700 million ARB tokens.
Lookonchain, a cryptocurrency analytics firm, recently shared on Twitter that a significant quantity of Arbitrum (ARB) was transferred to Binance.
The transaction was executed by the largest purchaser of ARB tokens at the time of the Arbitrum listing, who transferred 9.94 million ARB tokens valued at $17 million to Binance. This event has drawn the interest of the crypto community, as it reflects an increasing enthusiasm for ARB tokens and their prospects.
The largest buyer of $ARB on the first day of listing transferred all 9.94M $ARB($17M) to #Binance 30 mins ago.https://t.co/KqaiO7an6Ahttps://t.co/X8LOnrzeRJ pic.twitter.com/MaiwlIBReC
— Lookonchain (@lookonchain) April 15, 2023
The reasons behind the buyer’s actions remain unclear; however, earlier reports from March indicated that the buyer had received an impressive 5 million Arbitrum tokens, approximately valued at $5.73 million, from Binance. This implies that the buyer could be a significant investor or trader in the cryptocurrency sector, aiming to diversify their holdings with various tokens.
Investors and traders in the cryptocurrency space have shown considerable interest in the ARB token since the launch of the Arbitrum network. Nonetheless, the network has faced some difficulties. Recently, TheNewsCrypto reported that the official Twitter account of the Arbitrum Network was suspended due to being mistakenly identified as spam alongside other problematic accounts.
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The Arbitrum community has recently made a notable decision by voting against the return of 700 million ARB tokens to the treasury. These tokens were improperly allocated to the Foundation from the DAO, prompting the community to opt for their return. This proposal, referred to as Arbitrum Improvement Proposal 1.05, has been the subject of active discussion and debate within the community.
ARB Price Movement in Last 24 Hours
Data from CoinMarketCap indicates that the ARB token experienced a positive trend in the past 24 hours, with a price rise of 0.66%. Currently, the ARB token is trading at $1.6537.
However, there are signs that a bearish trend may soon develop in the ARB market.
This is attributed to a notable decline in trading volume, which has decreased by 34.10% to $1,759,849,119. Despite this, the market capitalization has seen a slight increase of 0.30%, reaching $2,107,324,542. The support level stands at $1.64, while the resistance level is at $1.73.
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Arbitrum Community Votes Against Returning 700M ARB Token to Treasury
