ARB Gains 8% with Whale Support and Andrew Kang’s Move

Arbitrum is one of the most promising scaling solutions for Ethereum, the second-largest blockchain platform by market capitalization. It was developed by Offchain Labs, a New York-based company founded by former Princeton University researchers with expertise in computer science, cryptography, and blockchain. 

Arbitrum Continues to Grow Acceptance

The project has attracted significant attention and funding from major investors such as Lightspeed Venture Partners, Polychain Capital, Mark Cuban, and more. Offchain Labs became a unicorn in 2021 after securing $120 million in a Series B financing round. The funding round, which included other prominent investors, valued the company at $1.2 billion.

Arbitrum’s native token ARB is used for governance. Offchain Labs announced the transition to a decentralized autonomous organization (DAO) structure, the Arbitrum DAO where ARB holders can vote on proposals that affect the features, protocol upgrades, funds allocation, and election of a Security Council. The Security Council is a group of trusted entities that can intervene in case of disputes or attacks on the network.

Recently, ARB has seen a strong 8% increase in its price, as some prominent crypto investors, such as Andrew Kang, have boosted their holdings. This positive trend is a hopeful sign for ARB, which had suffered a 29% decline in its value over the past few days.

Andrew Kang, a co-founder of Mechanism Capital and a savvy investor in emerging projects, has shifted his focus to ARB. He liquidated his entire stake in RDNT and used the funds to buy ARB, acquiring 723,311 ARB tokens worth $867K, at an average rate of $1.2 per token. He then staked all his ARB tokens in Radiant Capital.

Another big-time player is “0x9e6”, who transferred a large amount of ARB tokens to RDNT Capital after acquiring them. This move indicates a bullish sentiment on the future performance of ARB. These tokens were likely bought at around $1.2 on May 8 and then withdrawn from OKX, suggesting a strategy of waiting for a favorable market condition to sell their holdings.