As analyzed by Lookonchain, some large investors have sold their ARB positions at substantial losses in the past 30 hours.
The price of the native token of the layer-2 scaling solution for the Ethereum blockchain has been on a severe downfall lately, plunging by over 30% in the last month.
The blockchain analytics platform revealed that seven whales have decided to part with millions of ARB coins, generating a total loss of over $8M.
One investor sold more than $3.2 million in ARB, whereas they previously bought the stash for approximately $4.6 million (-29% Return on Investment (ROI).
Another lost over $2 million after dumping $2.6 million worth of the asset. Their initial investment stood at around $4.7M.
In the past 30 hours, 7 whales dumped $ARB at a loss!
— Lookonchain (@lookonchain) September 12, 2023
ARB has been among the most affected digital currencies in the latest crypto market decline. The token, which saw the light of day in March this year, currently trades at about $0.78 (per CoinGecko’s data), representing a 54% decrease from the ATH reached in April.