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According to an analysis by Lookonchain, several significant investors have liquidated their ARB holdings at considerable losses within the last 30 hours.
The value of the native token associated with the layer-2 scaling solution for the Ethereum blockchain has experienced a notable decline recently, dropping by more than 30% over the past month.
The blockchain analytics service disclosed that seven major investors have opted to sell millions of ARB tokens, resulting in a cumulative loss exceeding $8 million.
One investor divested more than $3.2 million in ARB, having initially acquired the tokens for roughly $4.6 million (-29% Return on Investment (ROI).
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Another investor incurred a loss of over $2 million after selling $2.6 million worth of the asset, with their original investment being approximately $4.7 million.
ARB has been one of the most impacted cryptocurrencies during the recent downturn in the market. The token, which was launched in March of this year, is currently trading at around $0.78 (according to CoinGecko), reflecting a 54% drop from its all-time high achieved in April.
ARB Price, Source: CoinGecko
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