Magic Eden, a leading NFT marketplace, launched its highly anticipated ME token on Dec. 10, 2024, with an airdrop value exceeding $700 million.
Magic Eden, a leading NFT marketplace, launched its highly anticipated ME token on Dec. 10, 2024, with an airdrop value exceeding $700 million. The token’s debut attracted significant demand, but many users encountered difficulties during the claim process.
Initial trading suggested a price of around $4.50 per token, with expectations of distributing approximately $562 million. However, prices fluctuated between $4.40 and $6.00 shortly after the launch.
At its peak, the ME token reached a market capitalization of $1.6 billion before quickly dropping below $1 billion within minutes. As of the latest reports, the token is priced at $5.64, leading to a current market cap of $738 million.
To claim the tokens, users needed to download the Magic Eden Wallet mobile app, link it to their desktop, and complete the claim process.
However, many reported complications with the process, including errors stating that tokens had already been claimed, or receiving “something went wrong” messages. One trader described the process as the “worst airdrop claim” they had ever experienced, echoing sentiments from others who found the procedure overly complex.
Despite these challenges, the airdrop saw significant participation, with over 70,000 traders claiming nearly 69 million ME tokens within the first hour. Top traders capitalized on the volatility, with one reportedly earning $586,800 by quickly selling their tokens.
Magic Eden’s ME token is now listed on major exchanges like Coinbase and Binance. The ME Foundation attributed the claim issues to unusually high traffic on the mobile app, acknowledging the frustrations users faced during the launch.
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