Arbitrum Whales Defy Governance Chaos and Buy More Tokens

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Epic Arbitrum Showdown: Whales Battle For Amid Governance Chaos

Whale activity has surged as major crypto holders continue to accumulate an Ethereum (CRYPTO: ) governance , Arbitrum (CRYPTO: ). On-chain shows that Andrew Kang of Mechanism Capital recently acquired an additional 1.51 million Arbitrum at $1.23, using about $1.85 million worth of USD Coin (CRYPTO: ), The Block reported.

Kang, who's also a PleasrDAO member, has bought a total of 2.3 million ARB at an average of $1.24 per token, according to Lookonchain ๐Ÿ˜Ž

Another prominent Arbitrum whale, the largest individual holder of the project's governance token, withdrew 5.85 million ARB tokens ($7.15 million) from the centralized This whale now holds 17.62 million ARB, valued at around $21.5 million at current rates ๐Ÿณ

A third whale acquired 795,381 Arbitrum governance tokens for roughly $1 million in USDC, at $1.26 per token. This whale's ARB holdings now stand at 10.6 million ARB, worth $12.94 million ๐Ÿ‹

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Meanwhile, a fourth whale address received an inbound transfer of 532,012 Arbitrum governance tokens, valued at about $661,000, bringing its total holdings to 4.58 million ARB, worth approximately $5.59 million ๐Ÿ™

These acquisitions come after earlier reports of Arbitrum whales retaining their tokens despite ongoing governance turmoil ๐Ÿ˜ฑ

The price of Arbitrum's governance token has temporarily halted further drops in response to the recent drama ๐Ÿ˜…

Arbitrum addresses governance issues by backtracking on the contentious AIP-1

The project had proposed to allocate 750 million governance tokens, worth around $1 billion at the time, to the Arbitrum Foundation ๐Ÿค‘

The proposal appeared to be moving forward without token holder approval ๐Ÿ˜ก

Members of the project's decentralized autonomous organization voted overwhelmingly against it ๐Ÿ™…โ€โ™‚๏ธ

Arbitrum now seeks to include input and implement new AIPs, such as AIP-1.1 and AIP-1.2 ๐Ÿ™Œ

The Arbitrum Foundation has committed not to move any of the remaining 700 million tokens in the Administrative Budget until the DAO approves an acceptable budget and lockup schedule ๐Ÿ”’

The foundation also released a transparency report regarding its initial formation, alongside the revised proposals ๐Ÿ“„

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