Arbitrum, Ethereum’s layer-2 network, soared to an eight-month high of $1.4567. The surge amounted to an impressive 20% increase in the last 24 hours, accompanied by a significant 315% increase in trading volume. This surge increased Arbitrum’s market capitalization by an astounding 15%.
During this market frenzy, significant strategic moves were revealed. Spotonchain data revealed that a whale identified as 0x0db withdrew 2.91 million ARB, worth $3.53 million, from OKX at $1.21.
This strategic move resulted in a holding of 4.15 million ARB, valued at $5.62 million, with a notable floating gain of $924K. It’s worth noting that this whale previously made $913K trading ARB on OKX in April.
Amber Group 0x011, another major player, demonstrated consistent accumulation, acquiring 6.41 million ARB, worth $7.58 million, from Binance since November 17.
Their most recent transaction involved withdrawing 1.51 million ARB worth $2.07 million at $1.37, resulting in a floating gain of $1.07 million.
Despite the bullish momentum, Arbitrum suffered a critical setback on December 15. A 78-minute outage was reported by the network’s Discord community manager, Ricardo “Gordan.”
The outage was blamed on inscriptions, in which the sequencer stalled due to an increase in network traffic, resulting in reduced transaction processing capacity.
Only two transactions were recorded per block during this time period. The team later confirmed that the outage was caused by inscriptions.
Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.
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