Magic Eden Token ME Tanks 53% on Debut Following App Issues

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As a seasoned crypto investor with a knack for navigating the volatile digital asset market, I must admit that the recent rollercoaster ride of Magic Eden’s ME token left me feeling somewhat dizzy. The initial excitement over the airdrop was palpable, but the subsequent plunge in value left many of us holding on to our seats.

Immediately after Magic Eden distributed their native ME token through an airdrop, its value took a significant hit, falling by a shocking 53%. This sudden drop can be attributed to issues with their mobile application, which made the process of claiming these tokens rather problematic.

On Tuesday, December 10th, Magic Eden’s (ME) token first appeared at around $6.30 but quickly climbed to $13.10 within a short span. Regrettably, its worth dropped dramatically by 67% just hours later, reaching a low of $4.30. Despite a brief rally that took the ME token price over $8.0, intense selling pressure resurfaced, causing the token value to nearly reach $5.3.

The airdrop received negative feedback from users who found the process to collect tokens overly complex and encountered troubles with Magic Eden’s mobile application, describing it as buggy and hard to maneuver. Users on platform X were particularly harsh in their criticism towards Magic Eden for poorly managing token distribution, with one user posting: “My app is frozen, can’t claim; people are leaving ME like hot potatoes. Fantastic!

Moreover, some users reported experiencing confusion as they found the “claim now” feature accessible through the mobile app but not on the desktop version. To secure ME tokens, users were required to download Magic Eden’s mobile application. On top of that, they could also utilize a QR code displayed on their desktop devices, connect their eligible wallets, and complete the process to obtain their allocated airdrop. Nevertheless, one user expressed frustration stating:

Is it possible for me to make a claim using the desktop version, or is it limited to the mobile app? The ‘claim now’ button on mobile appears unclickable, while the desktop version displays ‘stake now’ instead.

Magic Eden Resolves ME Token Airdrop Downtime Issues

Critics heavily criticized the initial release of Magic Eden’s ME token airdrop due to temporary issues on the distribution site reported by users. As more people rushed to obtain their ME tokens, this resulted in an increase in website traffic, leading to general irritation and disappointment among users.

After a few hours, approximately three to four, I noticed an issue with the claims process going live. Shortly thereafter, Magic Eden acknowledged and rectified the technical glitch, keeping users informed by communicating that the matter had been successfully addressed.

As a crypto investor, I’ve recently taken note of the ME token, originating from Magic Eden Foundation. The total supply of these tokens amounts to an impressive billion. Out of this vast pool, a significant chunk equating to 125 million tokens has been earmarked for a continuous airdrop. This generous giveaway is open to users of NFT platforms until February 1 of the following year.

Moreover, the NFT platform has set aside half of the total token supply for community rewards, while the rest, amounting to 37.5%, was allocated to strategic partners and contributors. At present, the ME token boasts a market capitalization of $685 million, with a fully diluted valuation (FDV) estimated at $4.95 billion.

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2024-12-11 13:21