Arbitrum airdrop sells-off at listing, but traders remain bullish on ARB

The authoritative Arbitrum airdrop leafage crashed close aft the claiming process began astir 9 a.m. EST. Some users inactive managed to assertion it done alternate methods similar Arbiscan. In the archetypal 2 hours, the marketplace witnessed a monolithic sell-off of the token arsenic its terms declined from implicit $10.29 to lows of $1.

At ByBit, the token started trading for $7.50, but dropped to $1.50 wrong minutes. At the clip of writing, the token was trading astatine $1.33.

Only one address successfully sold the token astatine $10.29 done the ARB/USDC excavation connected Uniswap, bagging $64,340 for 6,250 tokens. A fewer others were capable to merchantability for $4.50, however, the terms dropped rapidly beneath $1.50 arsenic much sellers arrived. 

ARB/USDC trades connected Uniswap. Source: GeckoTerminal

Nansen information shows that retired of 6.03 cardinal ARB claimed by “smart money” wallets, $5.01 cardinal were moved to a centralized oregon a decentralized exchange, astir apt to sell. The analytics steadfast puts “smart money” tags connected addresses that commercialized successful important size and are usually active.

Flow of ARB token crossed “smart money” wallets. Source: Nansen

While immoderate astute wealth accounts added 3.45 cardinal from DEXs. Overall, the magnitude moved to exchanges was 150% larger than inflows to the wallets, suggesting a monolithic sell-off.

Related: Arbitrum’s ARB token signifies the commencement of airdrop play — Here are 5 to look retired for

Poor claiming acquisition for the mean user

The Aribtrum airdrop assertion web leafage crashed acknowledgment to overwhelming requests from users to assertion ARB tokens. The leafage returned 404 and 429 errors, remaining down for much than an hr aft the claiming process began.

Nevertheless, immoderate users inactive claimed the airdrop done alternate services similar Arbiscan. The blockchain explorer witnessed a record fig of visitors of implicit 84,000 successful the archetypal 30 minutes aft the claiming model opened.

Nansen’s information shows that 15% of the airdrop claims were processed erstwhile the authoritative Arbitrum webpage was down.

However, the claims done Arbiscan were acold from smooth. The website besides suffered from downtime owed to postulation overload, creating a atrocious idiosyncratic acquisition for many.

https://twitter.com/TheDeFinvestor/status/1638926204169494528

The token claiming widow volition beryllium live for 184 days till September 24, 2023.

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