Arbitrum price soars after DeFi whale address resumes ARB accumulation
ARB’s price notched a double-digit gain after a popular DeFi whale address resumed buying the governance token, but is the rally sustainable? On June 2, the price of Arbitrum jumped alongside the top-ranking cryptocurrencies after the United States Senate voted to raise the debt limit. Why is the ARB price up today? The price of Arbitrum (ARB) rose 9% to an intraday high of $1.25, beating the crypto market’s total overall gains of 1.5% in the same period. ARB/USDT vs. total daily price chart. Source: TradingView Arbitrum’s outperformance coincided with some strange buying activity associated with popular trader Andrew Kang’s crypto address es. Notably, on June 2, the Mechanism Capital co-founder deposited $1 million worth of stablecoins into Arbitrum pools and spent over 20% of it buying RDNT, the native token of decentralized finance lending platform Radiant Capital. Andrew Kang's crypto activity snapped on June 2. Source: Lookonchain Later, Kang exchanged his newly bought and...