The extremely anticipated ME token airdrop from Magic Eden NFT market made waves within the cryptocurrency group on December 10, 2024.
Valued at over $700 million, the occasion drew tens of 1000’s of contributors keen to say their share of the ME tokens. Nonetheless, a convoluted declare course of and technical glitches left many customers pissed off and price a big variety of them the prospect to capitalize on peak token costs.
Difficult Claims and Missed Alternatives
Earlier than the airdrop, market hypothesis was rampant, with analysts predicting an preliminary ME token worth of $4.50. This translated to a distribution worth of $562 million. On Whales Market, curiously, pre-launch buying and selling noticed the token’s worth climb from $6.40 to $7.00. In the meantime, BeInCrypto reported that the ME token was buying and selling at between $3 and $4 pre-market within the days main up to the airdrop.
“The ME token is currently trading in pre-markets at $3-4 USD per ME. Pre-markets should always be treated with caution, but give an initial indication of where the value might be heading,” Azuki researcher wale.moca stated.
At launch, nonetheless, Magic Eden’s ME exceeded expectations with a gap excessive of $17 recorded on CoinGecko. Inside minutes, ME’s capitalization soared to $1.6 billion however plummeted beneath $1 billion in simply 20 minutes, stabilizing at $700 million by the top of the day.
This speedy worth motion got here on the again of a wave of promoting stress from customers claiming their ME tokens. Some managed to money out vital earnings, with one dealer making $586,800 by way of three swift promote orders, in accordance with DEX Screener. Others, nonetheless, have been unable to capitalize because of the difficult declare course of and system errors.
“My app is stuck, can’t claim, people dumping ME like hot cakes,” one X person shared.
To assert ME tokens, customers needed to obtain the Magic Eden Pockets app, scan a QR code, connect with a pc, and preserve a minimal pockets stability of $10. Many encountered the dreaded “something went wrong” error or obtained declare confirmations with out the precise tokens being credited. This delay proved expensive as ME’s worth dropped quickly, leaving some unable to promote at peak values between $15 and $20.
“I’ve done everything as documented. My eligible wallet is MetaMask which can’t have SOL in it. I sent SOL to cover fees to my new ME wallet – but cannot claim it because it says I do not have SOL in my MetaMask wallet. I can’t be the only one,” one person lamented.
“It’s telling me to update IOS but I have the latest version,” stated wale.moca, including to the listing of complaints that customers shared.
“…I got that error at $11 billion market cap … Now I’m getting something went wrong message. I think it’s referring to the chart,” one other person shared.
69 Million ME Tokens Claimed In First Hour
In keeping with the ME Basis, nonetheless, over 70,000 customers efficiently claimed 69 million ME tokens inside the first hour. Regardless of the aforementioned challenges, some customers devised novel methods. One dealer, referred to as @nfttim on X, used Magic Eden’s Dynamic Liquidity Market Making (DLMM) payment mechanism to earn $4,400 in charges inside 5 hours.
“Whilst everyone around me was panicking to dump as quickly as possible, I was convinced I could make at least 50% of my drop in fees without selling a penny within 24 hours. My drop is still worth $17k. Think smart, not fast,” they said.
The occasion displays the huge curiosity in ME, making it one of the vital airdrop occasions of 2024. Jack Lu, co-founder and CEO of Magic Eden, addressed the turnout and acknowledged the overwhelming visitors.
“If you are a long-term companion, we welcome you to join the ME community. If not, thank you for using Magic Eden,” Lu stated.
In the meantime, Magic Eden’s airdrop got here on the heels of Hyperliquid’s HYPE token distribution, which set new DeFi requirements with its seamless declare course of and placing allocation. Nonetheless, HYPE’s post-airdrop efficiency serves as a cautionary story. After an preliminary surge, the token’s worth dropped considerably, mirroring the fleeting nature of airdrop hype.
Magic Eden might face the same trajectory if it can’t construct sustained utility and belief for the ME token. Whereas the airdrop displayed the platform’s recognition, the technical points and missed alternatives may deter future contributors.
Disclaimer
In adherence to the Belief Mission pointers, BeInCrypto is dedicated to unbiased, clear reporting. This information article goals to supply correct, well timed info. Nonetheless, readers are suggested to confirm details independently and seek the advice of with knowledgeable earlier than making any selections primarily based on this content material. Please observe that our Phrases and Circumstances, Privateness Coverage, and Disclaimers have been up to date.
