Magic Eden, one of the largest non-fungible token marketplaces, saw its newborn air-launched coin fail shortly after its launch on Tuesday, December 10th.
The NFT marketplace, which launched in September 2021, has allocated 12.5% of Magic Eden’s (ME) $1 billion total supply to the giveaway, according to a blog post. The token generation event attracted the attention of leading cryptocurrency exchanges.
Binance, Upbit and Bithumb announced the ME listing hours before the launch. Coinbase also joined the listing late Tuesday, the exchange reported on X.
Magic Eden (ME) is now available on https://t.co/CD3RBjtMAO and on the Coinbase iOS and Android apps under the Experimental label. Coinbase customers can log in to buy, sell, convert, send, receive, or hold these assets. https://t.co/676miKRrfh
— Coinbase Assets 🛡️ (@CoinbaseAssets) December 10, 2024
Cryptocurrency exchange OKX also began supporting its native Magic Eden token early Wednesday morning, according to an official announcement.
According to CoinGecko, ME hit an all-time high of $17 immediately after its launch. This brought the value of the airdrop, 125 million ME, to a staggering $2.12 billion, making it the third-largest free token airdrop event behind the $6.4 billion Uniswap and $3.5 billion ApeCoin airdrops, according to CoinGecko.
Despite its notable exchange listing, Magic Eden faced a sharp sell-off expected in connection with the token airdrop. Less than two hours after launch, ME fell to an all-time low of $4.42 and is still down 67% from the $17 mark, which is currently trading at $5.71.
Currently, ME’s market capitalization hovers at US$745 million with a massive daily trading volume of US$4.68 billion. A high level of trading volume indicates an increase in demand for the asset.
Another sell-off phase can still be expected for ME as the token distribution is not yet complete. Some X users have also complained about the difficulty of obtaining free Magic Eden tokens.
The idea behind the claim was pretty simple once I figured it out.
The instructions should have been simpler/shouldn’t have forced me to watch a video that didn’t even explain the correct steps to file a claim.
— risicare (@risicare_eth) December 10, 2024
User X with over 174,000 followers, known as Franklin, claimed that the Magic Eden wallet used to collect free tokens was experiencing technical problems.
What went wrong? @MagicEden $ME pic.twitter.com/mI3tPUOQ3H
— Franklin (@franklinisbored) December 10, 2024
Many others have complained about the same problem in the Franklin X thread.
Disclosure: This article does not constitute investment advice. The content and materials provided on this page are for educational purposes only.
