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CoinDesk Consensus

The price of Arbitrum’s newly airdropped token, ARB, has dropped nearly 90% to $1.20 as investors quickly sold off the token. of crypto slate data.

In the first hour of the claim, the ARB token traded at $3.99 on decentralized exchange (DEX) Uniswap and over $5 on centralized exchanges such as KuCoin, Kraken and OKX. During the period, the trading volume of the token exceeded $20 million. coin gecko.

Onchain Detective Lookonchain Identified one trader who sold 800 ARBs Over $3,600 — This means that this trader has sold at an average price of over $4.Crypto analysts say this is “probably [be] best selling price. ”

The price of ARB is expected to be volatile during the early billing hours as more qualified users claim the airdrop.

Arbitrum’s website temporarily crashed

Arbtrum’s website temporarily crashed due to high server load as thousands of users attempted to apply for airdrops at the same time.

Layer 2 networks anticipated this problem when they announced airdrops. The project reminded eligible users that they still have six months to claim their tokens.

At the time of this writing, the billing page was back online.

In addition to the official website, Arbiscan, a layer-2 network data aggregation platform, was also temporarily down due to heavy load.

Over 300 million tokens claimed

Blockchain analytics company Nansens Dashboard Shows over 160,000 addresses claiming over 300 million ARB tokens on press.this is 27% of airdrop supply to individual network users.

Arbitrum tokens claimed
Arbitrum Token Claimed (Source: Nansen)

Popular Layer 2 solutions saw an increase in transactions and addresses as the community anticipated the arrival of ARB tokens.

By Jules

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