The official Arbitrum airdrop page crashed right after the claiming process began around 1 am 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 massive sell-off of the token, with its price declining from over $10.29 to lows of $1.
At ByBit, the token started trading for $7.50, but dropped to $1.50 within minutes. At the time of writing, the token was trading at $1.33.
Only one address successfully sold the token at $10.29 through the ARB/USDC pool on Uniswap, bagging $64,340 for 6,250 tokens. A few others were able to sell for $4.50, however, the price dropped quickly below $1.50 as more sellers arrived.
Nansen data shows that out of 6.03 million ARB claimed by “smart money” wallets, $5.01 million were moved to a centralized or decentralized exchange, most likely to sell. The analytics firm puts “smart money” tags on addresses that trade in significant size and are usually active.
While some smart money accounts added 3.45 million from DEXs, overall, the amount moved to exchanges was 150% larger than inflows to the wallets, suggesting a massive sell-off.
Related: Arbitrum’s ARB token signifies the start of airdrop season — Here are 5 to look out for
Poor claiming experience for the average user
The Aribtrum airdrop claim webpage crashed thanks to overwhelming requests f
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Author: Nivesh Rustgi
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