Arbitrum's official airdrop page crashed right after the claim process began around 1am UTC on March 24. Some users still managed to claim it through alternative methods like Arbiscan. In the first two hours, the market witnessed a sell-off of the token, with its price falling from over $10.29 to lows of $1.
On ByBit, the token started trading at $7.50 but dropped to $1.50 in a matter of minutes. At the time of writing, the token was trading at $1.33.
Only one address successfully sold the token for $10.29 through the ARB/USDC pool on Uniswap, raising $64,340 for 6,250 tokens. A few others were able to sell for $4.50, however the price quickly fell below $1.50 as more sellers arrived.
Nansen data shows that of the 6.03 million ARB claimed by โsmart moneyโ wallets, $5.01 million moved to a centralized or decentralized exchange, most likely sold. The analytics firm places โsmart moneyโ tags on addresses that trade at a significant size and are generally active.
While some smart money accounts added 3.45 million DEX, overall the amount moved to exchanges was 150% greater than inflows to wallets, suggesting a sell-off.
Related: Arbitrum's ARB Token Signifies the Beginning of Airdrop Season โ Here are 5 to Watch Out For
Bad claim experience for the average user
Aribtrum's airdrop claim webpage crashed thanks to overwhelming user requests to claim ARB tokens. The page returned 404 and 429 errors, remaining down for over an hour after the claim process began.
However, some users still claimed the airdrop through alternative services like Arbiscan. The Blockchain Explorer witnessed a record visitor number over 84,000 in the first 30 minutes after the claim window opened.
Nansen's data shows that 15% of airdrop claims were processed when Arbitrum's official website was down.
However, the claims through Arbiscan were not easy. The website also suffered downtime due to traffic overload, leading to a poor user experience for many.
Arbitrum network is incredibly congested, Arbitrum website is down, Arbiscan is down
It is likely that everything will return to normal in the next few hours.
But cryptocurrencies still have a long way to go before they are ready for mass adoption.
โ The DeFi Investor (@TheDeFinvestor) March 23, 2023
The widow claims token will be live for 184 days, until September 24.
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