The price of Arbitrum (ARB), the widely used Layer 2 scaling solution’s associated token, has increased by a significant 8%. It’s interesting that the increase occurs while well-known bitcoin investors, like Andrew Kang, substantially increase their holdings. This bullish behaviour provides a ray of optimism for ARB after a difficult market time during which its value had dropped by 29% during the previous four days.
Andrew Kang, who is renowned for his ability to identify and support outstanding ventures, has taken a huge step in the direction of ARB. He liquidated all of his RDNT holdings and used the funds to buy an additional 723,311 ARB, or $867K, at an average price of $1.2 per token.
Notably, he then made a full deposit of all of his freshly purchased ARB tokens into RDNT Capital, indicating a positive perspective on the token’s performance going forward.
Another whale, identified as “0xf59b,” has also made the decision to benefit from ARB’s success. This organisation made a deposit into OKX of 1.2 million ARB ($1.5 million).
These tokens may have been bought at a price of roughly $1.2 on May 8, which suggests the whale was waiting for a price increase to profit from their holdings. They were then removed from OKX on May 8.
It appears that Andrew Kang is using RDNT Capital to take a position on ARB by going long. He basically doubles down on his investment by purchasing ARB, depositing it, borrowing USDC, and then purchasing further ARB. This demonstrates his great belief in the future rise of ARB.
Despite recent market headwinds, these sizable investments show greater confidence in Arbitrum’s Layer 2 solution. Following the most recent decline in activity, the Ethereum network has been gradually increasing, and L2 networks may see another bullish cycle.
