Arbitrum FUD spooks the market, but on-chain data shows whales accumulating ARB
On-chain data and technical analysis shows strength in ARB price, even after a weekend filled with rumors and sell-offs. Arbitrum suffered a big blow during the April 1 to April 2 weekend due to a conflict between the ARB token holders and the Arbitrum Foundation on the allocation of $750 million ARB tokens worth around $900 million. Data from on-chain analysis firm Arkham Intelligence shows that the transfer of $50.5 million out of the disputed allocation of 750 million ARB tokens. They shared with Cointelegraph that, “Only 50.5 million of those tokens have been moved. 10 million tokens have been sent to be sold on exchanges, 40 million have been loaned to Wintermute and the remaining 500K remain untouched in a multisig wallet (labeled Gnosis Safe Proxy).” On April 3 morning, the Arbitrum Foundation conceded to the community's opposition and decided to break up the said proposal in question into multiple proposals for allocating the funds for the project's ecosystem growth. ...