Four major whales have been identified as continually buying ARB tokens despite the ongoing drama between token holders and the Arbitrum Foundation. The blockchain tracking platform, Lookonchain, has spotted these major players and noted that they are responsible for purchasing large volumes of the tokens.
Andrew Kang, the founder of crypto investment firm Mechanism Capital, is one of these four whales. He reportedly purchased an additional 1.51 million ARB tokens with nearly $1.85 million of USDC stablecoin at a price of $1.23. This adds to his already substantial holdings of 2.3 million ARB tokens with an average buying price of $1.24.
Another institutional player received 5.86 million ARB tokens from the centralized exchange Gate.io and currently holds a total of 17.62 million ARB tokens, making them the largest individual holder of ARB tokens, worth around $21.5 million.
The third whale purchased 795,381 ARB tokens, with one million in USDC stablecoin at a price of $1.26, and currently holds 10.6 million ARB tokens worth approximately $12.94 million. The fourth whale received 532,012 ARB tokens, worth around $661,000, and currently holds 4.58 million ARB tokens, worth around $5.59 million.
These four major players have been identified as continually buying ARB tokens despite the ongoing drama surrounding the Arbitrum Foundation.
The team behind the foundation has recently unveiled two new proposals with several changes to their governance voting system following significant backlash. They have also vowed to hold onto the 700 million ARB tokens left in the Administrative Budget Wallet until the DAO authorizes an appropriate spending plan.
The ongoing conflict between the token holders and the Arbitrum Foundation has resulted in rumors and sell-offs dominating the ecosystem. Despite this, these major players seem to have faith in the future of ARB tokens and are continuing to invest heavily in them.