According to data from CryptoSlate, the value of Arbitrum‘s just airdropped token, ARB, fell by about 90% to $1.20 as traders hastily abandoned their token.
The ARB token traded for $3.99 on the decentralized exchange (DEX) Uniswap in the first hour after its announcement and for more than $5 on centralized exchanges including KuCoin, Kraken, and OKX. According to CoinGecko, the amount of tokens bought and sold during the time period exceeded $20 million.
On-chain sleuth Lookonchain recognized one dealer that offered 800 ARB for over $3,600 — it means this dealer offered at a median value of over $4. This may “probably [be] the best promoting value,” the crypto analyst continued.
The website for Arbitrum briefly went down
Arbtrum’s web site rapidly broke below a severe server load as a result of 1000’s of persons have been concurrently making an effort to assert their airdrops.
The layer-2 community had foreseen this challenge when it created the airdrop. It was emphasized by the project that eligible clients still had six months to use their tokens. It continued, “Fuel costs will probably be fairly high, and there will probably be server congestion.”
At the time of writing, the claim page was once again accessible online.
In addition to the official website, Arbiscan, a platform for aggregating data for the layer2 community, briefly fell offline due to the high traffic.
Over 300 million tokens claimed
As of the time of publication, the dashboard of blockchain analysis company Nansen shows that more than 160,000 addresses have claimed more than 300 million ARB tokens. This represents 27% of the airdrop provide for unique person community customers.