Arbitrum gets significant attention from whales as…

• Whales showed notable interest in ARB.
• Arbitrum’s activity declined. However, revenue remained positive.

Arbitrum[ARB] has experienced significant growth and success in recent months, both as a protocol and a token. This captured the attention of whales, leading them to take a keen interest in ARB.

Realistic or not, here’s ARB’s market cap in BTC’s terms

Whaleing around

According to lookonchain’s data, over the past three days, a notable development occurred as five whales withdrew a combined amount of 10.5 million ARB ($13.5 million) from Binance. Among these withdrawals, a single whale removed 2.34 million ARB ($3 million) from Binance at the time of the latest update. This movement of funds by large investors may have positive implications for the ARB.

Analyzing the social landscape

The large number of withdrawals and the faith showcased by whales could improve the overall sentiment around ARB. At press time, the weighted sentiment of ARB was negative, which indicated that the overall outlook of the crypto community towards ARB was pessimistic.

The popularity of Arbitrum on the social front hadn’t seen any green either. According to data provided by LunarCrush, the number of social mentions and social engagements for Arbitrum fell by 70.2% and 72.6% respectively over the last week.

Source: Santiment

However, the sentiment around Arbitrum could soon be changed through the actions made by the governance.

Arbitrum governance makes a decision

Arbitrum DAO formally approved the launch of the Arbitrum grants program. The program has been allocated a substantial budget of $1 million, which will be distributed across two quarters. The primary objective is to financially support diverse teams working on building applications on the Arbitrum platform.

Read Arbitrum’s Price Prediction 2023-2024

The grants program aims to foster transparency throughout the funding process. It will also ensure that eligible projects receive adequate support to contribute to the growth and development of the Arbitrum ecosystem.

Source: Snapshot

The proposal can also help improve the current activity on the Arbitrum protocol. At the time of writing, the number of users on the Arbitrum protocol had fallen significantly by 10.1% over the last month according to token terminal’s data. Despite this, the revenue generated by the protocol continued to rise and grew by 19.6% during the same period.