By George Ward
The cryptocurrency industry is always abuzz with news of exchanges, tokens, and trading activities. Recently, reports show that the South Korea-based Upbit crypto exchange has become the second-largest exchange holder of ARB tokens, with Binance ranking number one.
An Upbit-owned EOA address accumulated massive ARB tokens in 24 hours, causing the price of ARB tokens to surge. This accumulation caught the attention of traders and investors.
Reports claim that when Voyager sold its $150M in USDC stablecoin to Circle, the crypto firm used the funds to purchase ARB tokens, leading to Upbit’s ARB token accumulation.
Upbit Linked to Massive ARB Token Hoard
As indicated by the recent discussions on the Arbitrum blockchain social activities, an Externally Owned Account (EOA), believed to be connected to the South Korean crypto firm, has been amassing ARB tokens during the last 24 hours. The arbiscan.io platform proposes that the address now keeps 59M units of ARB tokens amounting to over $82.8M.
The market tracker indicates that Upbit has experienced a sudden increase in its ARB token balance, making it the second-most prominent exchange for these tokens, just behind Binance. Over the past 24 hours, this ARB token accumulation has grabbed the attention of merchants and investors, leading to a substantial rise in trading volume and market capitalization.
According to CoinMarketCap, ARB transaction volume currently stands at approximately $1.4 billion, a notable increase from the $696 million two days ago.
What’s Behind Voyager’s $150 Million USDC Trade?
Last week was the official launch of the ARB cryptocurrency, the native digital asset of the Arbitrum Layer-2 scaling network for the Ethereum blockchain. With more than 1.2 billion ARB coins available to eligible users, introducing this new currency has generated significant interest within the crypto community.
In the lead-up to its launch, major exchanges Bitfinex, Binance, OKX, Bybit, Kraken, Huobi, and KuCoin collectively held 40 million ARB for evaluation. Their involvement in this process indicates a decisive vote of confidence in the potential of ARB to gain widespread adoption in the future.
Meanwhile, ScopeProtocol, an on-chain market watcher, has been keeping a close eye on the activities of Voyager. Blockchain data shows that Voyager has exchanged nearly $600 million of various altcoins for USDC stablecoin in the past two months.
These developments highlight the volatility and unpredictability of the crypto market, which can pose significant risks to investors.