Arbitrum airdrop has been creating quite a commotion since the claim date of the airdrop was announced. Arbitrum embodies an Ethereum-based layer-two (L2) scaling mechanism that leverages optimistic rollups to enhance speed, scalability, and cost-effectiveness on the Ethereum network. Benefiting from the security and compatibility of Ethereum, Arbitrum provides higher throughput and lower fees than its parent platform.
The Arbitrum airdrop is considered one of the biggest airdrops. With March 23, 2023, set as the claim date for the drop, millions came flocking in to claim it. With the numbers raging in, the claim website crashed, with users unable to claim the airdrop for almost an hour. However, the website is back up and the users are able to claim their airdrop until 184 days and 19 hours at press time.
Just a few hours after its listing, ARB plummeted and is trading 88.9% down from its initial trading price.
Arbitrum drops from a high of $11.80 by 88.9%
After the claim began and trading started, the price of ARB was around a high of $11.80. The price was highly fluctuating, and more people started claiming and selling their ARB. The token was quick enough to drop in value and is trading at $1.31 at press time, according to CoinMarketCap data.
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Arbitrum has a 24-hour trading volume of $1.39 billion with a circulating supply of 1,275,000,000 ARB. ARB is now tradeable on prominent exchanges including Binance, KuCoin, Bifinex, Kraken, Bybit, Uniswap, OKX, Huobi, and a few others. It is unclear at the moment as to whether ARB will still fluctuate and exhibit a price hike or whether it has settled in the $1 range.