• Arbitrum whales such as Andrew Kang have been buying millions of ARB tokens in the past few days.
• The Arbitrum Foundation has responded to the community’s criticism of their AIP-1 proposal and have split it into two parts.
• The Foundation has also unveiled new proposals, lowering the proposal threshold from 5,000,000 to 1,000,000 tokens.
Arbitrum Whales Accumulate ARB
Arbitrum whales like Andrew Kang have been buying millions of ARB tokens in recent days. ARB is currently trading at $1.20, down 3% on the day according to CoinGecko data. However, whales have continued accumulating the token over the past few weeks; Andrew Kang from Mechanism Capital alone bought $1 million worth of ARB on Wednesday and another $1.85 million on Thursday. This anonymous whale has added 5.86 million ARB to their stack as well and now holds 17.62 million tokens – making them the largest holder of ARB globally.
Foundation Unveils New Proposals
The Ethereum Layer-2 space is one of the most exciting industries in crypto right now with the launch of Arbitrum’s token and governance last week not going quite as planned due to its contentious AIP-1 proposal being voted against overwhelmingly by users. To respond to this criticism, ArbitrumDAO announced that they had split up AIP-1 into two parts – AIP-1.1 and AIP-1.2 – with Part 1 providing various restrictions for how Foundation resources are spent and Part 2 proposing amendments for DAO governing documents that lower proposal threshold from 5,000,000 to 1,000,000 tokens needed for voting approval or disapproval after discussion period completion amongst other topics covered in these changes proposed by ArbitrumDAO .
Current Trading Price
ARB was initially valued at over $8 but then dropped sharply to an all-time low at $1.11 before rising again above $1.50 where it currently trades at around $1.20 according to CoinGecko data – a 3% decrease on the day’s trade price overall however still indicating a positive outlook given Andrew Kang’s purchases and other whales continuing accumulation trend despite market uncertainty in response to Arbitrum’s launch last week .
Andrew Kang’s Buys
Andrew Kang from Mechanism Capital has bought huge amounts of ARB in recent days totaling 2.3 million coins with an average price paid per coin being around $1.24 when looking at his total purchase amount across both Wednesday ($1m worth) and Thursday ($185m worth). As mentioned previously this anonymous whale also purchased 586k coins bringing total holdings up to 17m coins which makes them largest holder globally .
The first part (AIP-11) covers various ways that spending resources within Foundation can be restricted while second part (AIP-12) proposes amendment core governing documents lowering threshold needed for voting approval/disapproval after discussion period completion amongst other topics mentioned here as proposed by ArbitrumDAO following failed first vote casted by users concerning contentious AIP – 1 proposal .