Magic Eden ME Token Airdrop Faces 53% Plunge Due to App Glitches
The non-fungible tokens (NFT) platform Magic Eden airdropped its native ME token, which experienced a 53% value drop due to issues with its mobile app. The ME token debuted at $6.30, rose to $13.10, then fell by 67% to a low of $4.30. Although it briefly surged above $8.0, selling pressure pushed it down again to approximately $5.3.
Users criticized the airdrop process, calling it overly complicated and reporting glitches in the mobile app. Complaints included difficulties claiming tokens and confusion regarding the "claim now" feature, which was unavailable on desktop. Users had to use the mobile app or scan a QR code from a desktop to claim their tokens.
“Can you only claim on mobile? Or can I claim on desktop? Mobile shows unclickable ‘claim now’ and desktop only shows ‘stake now’.”
Magic Eden Resolves Technical Issues
The claims website for the ME token airdrop faced significant downtime as traffic surged, frustrating users. Magic Eden resolved the technical issues three to four hours after the claims process began.
The ME token, issued by the Magic Eden Foundation, has a total supply of 1 billion tokens. Of this, 12.5% (125 million tokens) is allocated for the ongoing airdrop available to NFT platform users until February 1 next year. Additionally, 50% of the token supply is reserved for community incentives, while 37.5% is designated for strategic participants and contributors. As of publication, the ME token has a market capitalization of $685 million and a fully diluted valuation (FDV) of $4.95 billion.