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 hundreds of members keen to assert their share of the ME tokens. Nonetheless, a convoluted declare course of and technical glitches left many customers annoyed and price a major variety of them the possibility to capitalize on peak token costs.
Sophisticated 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 at the moment buying and selling in pre-markets at $3-4 USD per ME. Pre-markets ought to all the time be handled with warning, however give an preliminary indication of the place the worth may be heading,” Azuki researcher wale.moca stated.
At launch, nevertheless, 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 under $1 billion in simply 20 minutes, stabilizing at $700 million by the tip of the day.
This fast worth motion got here on the again of a wave of promoting strain from customers claiming their ME tokens. Some managed to money out vital earnings, with one dealer making $586,800 via three swift promote orders, in line with DEX Screener. Others, nevertheless, have been unable to capitalize because of the difficult declare course of and system errors.
“My app is caught, can’t declare, individuals dumping ME like sizzling truffles,” one X consumer shared.
To say ME tokens, customers needed to obtain the Magic Eden Pockets app, scan a QR code, connect with a pc, and keep a minimal pockets steadiness of $10. Many encountered the dreaded “one thing went fallacious” error or acquired 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 completed every little thing as documented. My eligible pockets is MetaMask which may’t have SOL in it. I despatched SOL to cowl charges to my new ME pockets – however can’t declare it as a result of it says I shouldn’t have SOL in my MetaMask pockets. I can’t be the one one,” one consumer lamented.
“It’s telling me to replace IOS however I’ve the most recent model,” stated wale.moca, including to the checklist of complaints that customers shared.
“…I bought that error at $11 billion market cap … Now I’m getting one thing went fallacious message. I feel it’s referring to the chart,” one other consumer shared.
69 Million ME Tokens Claimed In First Hour
Based on the ME Basis, nevertheless, over 70,000 customers efficiently claimed 69 million ME tokens throughout 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) price mechanism to earn $4,400 in charges inside 5 hours.
“While everybody round me was panicking to dump as shortly as potential, I used to be satisfied I might make no less than 50% of my drop in charges with out promoting a penny inside 24 hours. My drop continues to be price $17k. Assume good, not quick,” 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.
“In case you are a long-term companion, we welcome you to hitch the ME group. If not, thanks for utilizing 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 hanging 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 could face an analogous 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 might deter future members.
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