- Lookonchain noted in their latest tweet that Andrew Kang withdrew all his ARB from Radiant Capital.
- The trader then sent 953K ARB to Binance and may be at risk of realizing a $270K loss.
- At press time, ARB was trading at $0.9972 following a 1.27% loss over the past 24 hours.
The blockchain tracking firm Lookonchain tweeted yesterday that Andrew Kang recently repaid a loan on Radiant Capital and withdrew all of his Arbitrurm (ARB) from the cross-chain lending platform. According to the post, he then sold 217K ARB for 210K USD Coin (USDC) at a price of $0.97. Thereafter, he deposited 953K ARB to Binance.
Lookonchain’s latest tweet regarding Andrew Kang follows a post made on 2 June 2023. In this previous tweet, the blockchain tracking firm noted that Kang had utilized leverage to enter into a longARB position on Radiant Capital.
His bet on ARB did not go his way, given that he bought ARB at $1.2 on 2 January 2023 according to on-chain data. Should he sell his ARB holdings now, he will lose $270K, added Lookonchain.
At press time, CoinMarketCap indicated that the meme coin was trading at $0.9972 following a 1.27% loss over the past 24 hours. In addition to weakening against the dollar, ARB was also outperformed by the two market leaders Bitcoin (BTC) and Ethereum (ETH) in the last day.
At press time, ARB was down 2.35% against BTC and 1.84% against the altcoin leader. As a result, 1 ARB was worth 0.00003862 BTC and 0.0005672 ETH.
Over the past 48 hours, the altcoin’s price dropped below the key support level at $1.0436, where it continued to trade at press time. Technical indicators on ARB’s daily chart suggested that its price will close today’s trading session below this mark.
The 9-day EMA line had crossed bearishly below the 20-day EMA line, and was still positioned below the longer EMA line at press time. This suggested that ARB’s price was in a short-term bearish cycle and ARB’s price may continue to fall in the next 24-48 hours.
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