Magic Eden, a prominent non-fungible token marketplace, witnessed a significant setback as its newly airdropped token, ME, faltered. Launched on December 10, the token, which had 12.5% of the 1 billion total supply allocated for the airdrop, initially caught the eye of major crypto exchanges. Binance, Upbit, Bithumb, and later Coinbase and OKX, announced listings of ME.
After its launch, ME soared to an all-time high of $17, valuing the airdrop at a staggering $2.12 billion, ranking it third in terms of free token distribution value after Uniswap and ApeCoin. However, a harsh selloff ensued. Less than two hours after launch, it plunged to an all-time low of $4.42 and currently stands at $5.71, down 67% from its peak. The market cap is around $745 million with a hefty daily trading volume of $4.68 billion.
The selloff is expected to continue as the token distribution is incomplete. Moreover, some X users, like Franklin with over 174,000 followers, reported technical glitches with the Magic Eden wallet used for claiming the free tokens, adding to the woes of the airdrop’s performance.
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