Arbitrum, the Ethereum layer 2 network, is witnessing a fascinating trend as the “whale” address “0x37bf”, is accumulating a large amount of ARB tokens.
The address was created just four days ago and has since accumulated a total of 2.5 million ARB tokens , worth approximately $2.95 million.
This whale started by withdrawing 1.5 million ARB tokens (worth $1.76 million) from Binance, at a price of $1.07 per token.
Just 13 hours ago, whales bought another million ARB tokens ($1.18 million) from Binance. The average purchase price is estimated at around $1.13 per token.
Although the whale’s identity remains a mystery, its activity has attracted the interest of the Arbitrum community.
In other recent developments, the Arbitrum Foundation has announced a series of changes in response to community pressure.
This includes dividing the governance package into separate votes and ensuring that the fund’s “special grant” program will be renamed the “Ecosystem Development Fund”.
Furthermore, the fund has committed to providing more transparency regarding the fund’s use and budgeting.
They also confirmed that there are no short-term plans to sell more tokens, in response to previous criticism of selling millions of dollars of ARBs for operational purposes without community consent.