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Arbitrum Decentralized Exchanges (DEX) trade volume increased by 32% to $4.34 billion. The DEXs trade volume hit a new two-week high, surpassing BNBChain and second only to Ethereum.

Large wallet investors in the crypto ecosystem increased their activity close to ARB token airdrop scheduled for March 23. Experts predict a massive liquidity injection in crypto from ARBs airdrop.

Also read: Ethereum layer-2 Arbitrums most awaited airdrop of 2023 is expected on March 23

Based on data from WhaleStats, Ethereum whales increased their transaction volume in response to the Arbitrum ARB token airdrop announcement. ARB airdrop is scheduled for March 23.ETH whale transaction volume climbed from $185.7 million to $408.8 million, a 120% increase on March 19.

ETH whale transaction volume

A spike in whale activity is consistent with the rising interest garnered by ARB airdrop in the crypto community. The following chart shows the weekly volume in ETH, traded by the largest whales in the Arbitrum ecosystem.

Arbitrum weekly whale volume

Based on data from DeFi tracker Llama Fi, over the past week, Arbitrum DEX trading volume increased by 32% to 4.34 billion US dollars. The DEX trading volume hit a new high for two consecutive weeks, surpassing BNBChain and second only to Ethereum.

The spike in trade volume on Arbitrum DEX is consistent with the rising anticipation among traders ahead of the long awaited ARB token airdrop.

Miles Deutscher, an on-chain analyst on CryptoTwitter believes the upcoming ARB token airdrop will act as a form of stimulus for the ecosystem. ARBs incentives could contribute to rising Arbitrum yields and have a positive flow-on effect for the broader crypto market.

Several small cap projects in the Arbitrum ecosystem have seen an increase in activity, however experts argue that the narrative is fueled by the anticipation of the airdrop and it may not be the best time to scoop up small cap tokens.

For details of the airdrop, check this out.

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What Ethereum whales are doing ahead of Arbitrum's ARB token airdrop - FXStreet