ARB Token Plunges 8% Following Massive 60 Million Whale Sell-off

The Arbitrum (ARB) token experienced a significant 8% price decline within a single trading day. This sharp drop brought the token's value down to $0.0921 on February 28, marking a notable low for the asset. Market data indicates that the primary catalyst for this slump was a massive liquidation by large-scale investors, commonly referred to as "whales." These whales reportedly dumped approximately 60 million ARB tokens, overwhelming existing market liquidity. The sudden surge in selling pressure has crushed immediate recovery expectations and damaged the token's technical price structure. Analysts suggest that such large-scale exits often trigger short-term panic selling among retail participants, maintaining strong downward momentum.