After Arbitrum (ARB) launched a claim, Arbitrum’s official Airdrop page suddenly crashed. Only some users are still able to make claims using other means such as Arbiscan. The market saw a massive sell-off of the token as its price dropped from over $10.29 to a low of $1.
At ByBit, the token initially traded for $7.50 but dropped to $1.50 within minutes. and while writing The token is trading at $1.33.
only bag addresssingleOnly one managed to successfully sell the token for $10.29 through the ARB/USDC pool on Uniswap, earning $64,340 for 6,250 tokens, and a few others were able to sell for $4.50. until $1.50 when more sellers come in
Information from Nansen. showIt shows that out of the 6.03 million ARBs claimed by “smart money” wallets, 5.01 million were transferred to centralized or decentralized exchanges. which is believed to be sold
Common User Claim Issues
Aribtrum Airdrop Claim Webpage Crashes Due to Massive Traffic The page shows errors 404 and 429 that occur more than an hour after the claim process begins.
However, some users were still able to claim through alternative services such as Arbiscan, with more than 84,000 visits in the first 30 minutes after the claim window opened.
Nansen’s data shows that 15% of airdrop claims are processed when Arbitrum’s official webpage goes down.
However, claims made through Arbiscan were far from smooth. The website is also experiencing downtime due to excessive traffic. This makes it a bad user experience for many people.
Arbitrum network insanely congested, Arbitrum website down, Arbiscan down
Everything will likely return to normal in the next few hours.
But crypto still has a long way to go before it’s ready for mass adoption.
— The DeFi Investor
(@TheDeFinvestor) March 23, 2023
Aribtrum’s airdrop has a claim period of 184 days until September 24, 2023. The webpage is now fully accessible.
The post An overview of Arbitrum (ARB)’s troubled first day appeared first on Bitcoin Addict.