Large Investors Sell ARB Tokens at Significant Losses, Resulting in Over $8M Loss
In the past 30 hours, several large investors have made the decision to sell their ARB positions, resulting in substantial losses. The native token of the layer-2 scaling solution for the Ethereum blockchain has experienced a significant decline, with its price plummeting by over 30% in the last month.
According to blockchain analytics platform Lookonchain, seven whales have chosen to part ways with millions of ARB coins, resulting in a total loss of more than $8 million. One investor sold over $3.2 million worth of ARB, which they had initially purchased for approximately $4.6 million, resulting in a 29% return on investment (ROI).
Another investor suffered a loss of over $2 million after selling $2.6 million worth of ARB. Their initial investment in the asset was around $4.7 million.
Lookonchain tweeted about the situation, stating, “In the past 30 hours, 7 whales dumped $ARB at a loss! They dumped a total of 20.41M $ARB ($16.05M), with a loss of $8.15M (-33.67%).”
ARB has been one of the most affected digital currencies in the recent crypto market decline. Since its launch in March of this year, the token’s price has dropped by 54%, currently trading at around $0.78, according to CoinGecko.
This decline is a significant decrease from the all-time high (ATH) reached in April.
It is important to note that the information provided in this article is based on external sources and should be independently verified.
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