Six weeks after testnet launch, ARPA whale sells 50 million tokens, causing a 38% price drop.

 




Price movement data on May 28 shows that ARPA, the native currency of ARPA Network, a blockchain agnostic provider of decentralized computing services, is down 12% from the previous trading day and quickly reversing losses incurred in the previous three sessions.


ARPA cuts back 38%


The quick token dumps by a whale on Binance, the largest cryptocurrency exchange in the world, are to blame for the recent dramatic decline in ARPA values. A whale in the cryptocurrency world is a person who owns a significant portion of a particular token or coin, in this case, ARPA.

At $0.08040 as of this writing on May 28, ARPA is under pressure and noticeably down 38% from May highs, reversing gains made in early May. Price action information on the daily chart, in particular, reveals a wide-ranging, bearish engulfing bar on May 27, during which ARPA dropped 34%.

The apparent collapse happened at the same time the ARPA whale sold tokens in large quantities on Binance.

An on-chain tracker shows that the whale, who up until May 27 had been withdrawing ARPA from Binance through several addresses in recent weeks, transferred approximately 50 million ARPA to Binance before selling.

The prices of ARPA fell as a result of this market movement. Prices fell 34% on May 27 alone, and the ripple effects are still being seen in the market. Bears appear to be in charge and ARPA is lower. On the basis of recent price movement, ARPA prices could rise, though.

For instance, based on price movement on the daily chart, ARPA continues to be optimistic. Despite a 38% drop in price during the past two days, the token has increased 130% from its April lows and is still moving upward.


Launch of Testnet and plans for Rancast


After the mid-April launch of the ARPA Network testnet, buyers increased their gains. With this testnet, programmers can use the ARPA-BLS Threshold Signature Schemes (BLS) network to create prototype decentralized applications (dapps) on the platform.

In terms of social activity, ARPA Network is still one of Polygon's most popular initiatives. 

Additionally, the computation platform intends to launch Rancast, the first random number generator (RNG) dapp. The tool, as described by the researchers, "will be a decentralized, verifiable, multi-chain supported RNG that will demonstrate the ARPA network's capacities and provide high-quality randomness."


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