Arbitrum has managed to maintain its place amongst the top names in decentralized finance (DeFi) despite the unfavorable conditions gripping the space in 2023. However, the price of ARB (the network’s native token), met with a euphoric welcome in March, has been struggling.

The Arbitrum token’s price tumbled to a new historical low of $0.747217 on Monday, the 11th of September, with its honeymoon phase seemingly over. The token’s value dipped by more than 12% in the past week, leaving investors wondering what could be behind this bearish movement.

Whales Part With Millions Of ARB Token In Selling Spree

ARB’s latest price downturn has been associated with the increased market activity of Arbitrum whales in the past few days. On Monday, crypto journalist Colin Wu reported that three …