The price of $ARB dropped by more than 90% as airdrop recipients rushed to sell their tokens, but data shows certain entities continuing to accumulate.
The official Arbitrum airdrop page crashed right after the claiming process began around 9 a.m. EST. Some users still managed to claim it through alternative methods like Arbiscan. In the first two hours, the market witnessed a massive sell-off of the token as its price declined from over $10.29 to lows of $1.
The Aribtrum airdrop claim web page crashed thanks to overwhelming requests from users to claim ARB tokens. The page returned 404 and 429 errors, remaining down for more than an hour after the claiming process began. Nansen’s data shows that 15% of the airdrop claims were processed when the official Arbitrum webpage was down.
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