• Arbitrum whales like Andrew Kang have been accumulating ARB tokens over the past few days.
• ARB is currently trading at $1.20, down 3% on the day according to CoinGecko.
• The Arbitrum Foundation has unveiled new proposals after the failed first vote.
Arbitrum Whales Accumulate ARB
Arbitrum whales like Andrew Kang have bought millions of ARB tokens in the past few days. ARB is trading at $1.21 and is down 3% from the day prior, according to data from CoinGecko. Furthermore, another anonymous whale has just added 5.86 million ARB to their stack bringing their total up to 17.62 million tokens and making them the largest holder of ARB.
Foundation Responds To Controversial AIP-1 Proposal
In response to criticism about their contentious AIP-1 proposal, Arbitrum Foundation has split it into two parts: AIP-1.1 and AIP-1.2. Part 1 outlines ways in which the Foundation will be restricted from spending its resources while part 2 proposes amending core governing documents of the DAO by lowering proposal threshold from 5,000,000 to 1,000,000 tokens to pass a proposal with majority vote.
Andrew Kang’s Accumulation of ARB Tokens
Andrew Kang from Mechanism Capital has been buying huge amounts of ARB in the past few days; On Wednesday he bought $1 million worth and on Thursday he bought another $1.85 million worth for a total of 2 .3 million tokens with an average price of $1 .24 per token..
All Time Low For Token
At launch, ARB was valued at over $8 for some time before dropping to its all time low of $1 .11 before going up above $ 1 .50 again where it currently stands today at around $ 1 .20 per token..
Excitement in Layer– 2 Space
The Ethereum Layer – 2 space is one of most exciting industries in all crypto world especially after Arbitrums launch last week as well as its token and governance system that followed suit shortly afterwards..