On-chain data analysis shows that Arbitrum whales continue to increase their holdings of its governance token ARB. Among them, Andrew Kang, the co-founder of Mechanism Capital, bought another 1.51 million ARB at a price of 1.23 US dollars, including about 1.85 million US dollars in USDC.
On-chain analyst Lookonchain pointed out that Kang is also a member of PleasrDAO, and he purchased a total of 2.3 million ARB at an average purchase price of $1.24. Another Arbitrum whale — the largest individual holder of the project’s governance token — withdrew 5.85 million ARB ($7.15 million) from centralized exchange Gate.
The entity currently holds 17.62 million ARBs, worth approximately $21.5 million at current prices. A third whale purchased 795,381 ARBs for approximately $1 million in USDC at a unit price of $1.26.
It currently holds 10.6 million ARBs, worth $12.94 million. Finally, the fourth whale address received 532,012 ARB transfers, worth about $661,000, bringing its total holdings to 4.58 million ARBs, worth about $5.59 million.