- Magic Eden‘s ME token airdrop launch reached a total value of $705 million, with initial price volatility between $4.40 and $6.00.
- 70,000 traders claimed approximately 69 million ME tokens within the first hour of launch.
- The token briefly reached a market cap of $1.6 billion before stabilizing at $738 million.
- Users reported technical difficulties with the claiming process through the Magic Eden Wallet mobile app.
- The top trader profited $586,800 by selling their airdropped ME tokens within minutes of the launch.
Magic Eden Foundation’s ME token launch saw substantial market activity Tuesday, with the airdrop value exceeding $700 million amid technical complications in the claiming process. The token price stabilized between $4.40 and $6.00 after initial volatility, following listings on major exchanges including Coinbase and Binance.
Launch Performance and Market Response
Pre-market trading on Solana/ME”>Whales Market anticipated a token price of $4.50 before surging to $5.82 late Monday. According to CoinGecko, the opening price reached $17, while CoinMarketCap recorded a peak of $13.24. The token currently trades at $5.64, positioning ME as the 138th cryptocurrency by market capitalization.
Technical Challenges and User Experience
The claiming process required users to:
- Download the Magic Eden Wallet mobile app
- Scan a QR code
- Link to desktop
- Maintain a minimum $10 wallet balance
Many users encountered error messages and claiming difficulties. An ME Foundation representative acknowledged "higher traffic to the Magic Eden mobile app than usual," confirming that 70,000 traders had claimed 69 million ME tokens in the first hour.
Trading data from DEX Screener shows the most successful trader secured $586,800 in profits through three separate sales within minutes of receiving their tokens. The trader immediately converted earnings to stablecoins and distributed them across multiple wallets.
Magic Eden CEO Jack Lu addressed the community on X: "If you’re with us for the long term, we welcome you to the ME community. If you’re not, thank you for using Magic Eden."
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