Home > NEWS > Arbitrum airdrop sells off at listing, but traders remain bullish on ARB

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

ARB sold off upon being listed on exchanges, and some users reported a claim experience laden with tech issues, but the token could follow the trajectory of previous airdrops.

After the whole process of gradual claims at more than 1: 00 a. M. on March 24, when the world was in harmony, the official Arirum airdrop webpage collapsed. Some customers are still trying to claim this under alternative methods such as ArBiscan. In the first two hours, the sales market carried a heavy sell-off of tokens, with prices falling to a bottom of $1 above $10.29.

At ByBit, tokens initially traded at $7.50, but fell to $1.50 within minutes. At the time of writing, the token traded at $1.33.

Only one Internet technology detailed address successfully sold OTP for $10.29 according to the ARB/USDC pool in Uniswap, and 6250 OTP won $64340. Others can sell it for $4.50, but as more merchants arrive, the price quickly falls below $1.50.

Nansen statistics show that of the 6.03 million ARB, $5.01 million is transferred to centralized or fragmented trading centers and is most likely to be sold. The analytics firm has labeled "smart money" on detailed addresses with large and generally dynamic transactions.

Although some savvy capital accounts have increased by 3.45 million from DEX, all in all, the amount transferred to the trading center is 150% more than the injection of money into the wallet, indicating a large-scale sell-off in the sales market.

The claim of ordinary users is not good enough.

The Aribtrum AirDrop claim page crashed because the customer requested to claim ARB tokens. The page returned 404 and 429 incorrect and shut down for more than an hour after the end of the whole process.

Even so, some customers claim to be airdropped under alternative services such as ArBiscan. The blockchain technology practitioner hosted a record-breaking number of more than 84000 visitors to 30min before the claim dialog box opened.

Nansen statistics show that 15 per cent of claims for airdropped goods are processed after the official Arirum website is closed.

However, the claim filed by ArBiscan was not plain sailing. Because of the total traffic load, the site also suffered the impact of shutdown, leading to a poor experience for many people.

The service life of the survivors of tokens is 184 days until September 24.

by Nivesh Rustgi
© 2023 WJB All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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