Magic Eden Launches ME Token with Airdrop for Users
After announcing its ME token in August, Magic Eden launched the token today with numerous listings on tier one and two centralized exchanges.
Shortly before launch, ME experienced a 47% increase from $6.04 to a high of $8.9 on pre-launch perps on Aevo. However, two hours post-launch, ME's market cap fell to $581 million, a 60% decrease from $1.48 billion.
Users reported technical difficulties claiming the airdrop on the Magic Eden wallet. Eligibility required users to install the mobile wallet and link their other wallets.
Magic Eden began as an NFT trading platform on Solana in 2021 and later expanded to Polygon and Base.
The platform capitalized on the Bitcoin NFT trend in early 2024, handling approximately 83% ($1.7 billion) of all Ordinals and Runes NFTs trading volumes over the past year.