- Magic Eden trades at $5.14 after losing 53%.
- ME recorded an all-time high of $13.24.
Ahead of the anticipated altcoin rally, notable altcoins are fluctuating with both dumps and pumps. In addition, one of the expected airdrops is Magic Eden (ME), a leading cross-chain NFT marketplace. The ME token’s airdrop worth around $700 million, officially went live on December 10. Post-launch, the token’s price has dropped by over 53%.
Magic Eden faced a steep pullback less than two hours after its launch, despite the exchange listings. Over the last 24 hours, ME plunged to an all-time low of $4.27, after visiting the peak price of $13.24.
ME price chart (Source: CMC)
At the time of writing, Magic Eden trades at $5.14. Besides, the market cap of ME has reached $668 million with a remarkable daily trading volume of $4.97 billion. The ME token has a maximum supply of 1 billion, with 125 million tokens being available to the users of the NFT platform until February 1, 2025.
On the other hand, an airdrop hunter acquired 398,399 ME tokens, worth $2.14 million, across more than 1,350 wallets. Of this, 54,930 ME tokens, valued at $477K, were sold on decentralized exchanges at an average price of $8.68. They have transferred the remaining tokens to Binance
The token distribution followed a Token Generation Event (TGE), providing ME tokens to the users who are eligible and meet specific criteria. Moreover, major cryptocurrency exchanges, such as Binance, Upbit, and Bithumb, have offered trading support for the new token.
Binance will offer ME trading in the following trading pairs ME/BTC, ME/USDT, ME/FDUSD, and ME/TRY. Token withdrawals are opening on 11 December at 15:00 UTC.
Furthermore, the airdrop ended up in grievances from users. While claiming ME tokens, many users have received error texts or received claim confirmations without the actual tokens being credited. This issue might triggered ME price to drop rapidly.
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