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.
At ByBit, the token started trading for $7.50, but dropped to $1.50 within minutes. At the time of writing, the token was trading at $1.33.