After a rocky introduction, the Arbitrum coin (ARB) is currently trading at about $1.38 on both controlled and decentralized markets.
As per CoinGecko, which compiles token values from exchanges including Uniswap, Kucoin, and Bybit, there was a sum of $27 million in transaction volume within the initial hour since the claim opened. Under significant server strain, the front side of the Arbitrum site, where the bulk of users would claim tokens, is still unavailable. By giving the smart contract a command directly, users may still claim their airdrop.
With the restoration of the claim website, prices are anticipated to fluctuate. The highly anticipated token airdrop for Arbitrum went live on Thursday, and much over 42 million arb tokens were taken in the first hour.
Arbitrum’s Site Crashes
At about one in the morning UTC on March 24, the claiming procedure started, and the authorized Arbitrum airdrop portal failed immediately. Yet, some individuals were able to claim it using different strategies, like Arbiscan. The token had a significant sell-off during the initial two hours, with prices falling from above $10.29 to lows near $1. One address alone made $64,340 for 6,250 tokens by successfully selling the token for $10.29 using the ARB/USDC pool on Uniswap. Some were capable of selling for $4.50, but when additional sellers showed up, the price swiftly fell to $1.50.
According to Nansen statistics, of the 6.03 million ARB that “smart money” wallets claimed, $5.01 million were transferred to a centralized or decentralized exchange, most likely for sale. The analytics company marks addresses that deal in considerable amounts and are frequently active with “smart money.” Due to the massive volume of individuals attempting to claim their ARB tokens, the Aribtrum airdrop claim portal collapsed. As the claiming process started, the page kept returning 404 and 429 problems and was unavailable for even more than an hour.
