Hype Marred by ME Claim Failures
The highly anticipated Magic Eden ME token airdrop NFT market December 10, 2024 caused a stir in the cryptocurrency community.
The event is worth over $700 million and attracts tens of thousands of participants eager to get a share of ME tokens. However, complex claims processes and technical glitches frustrated many users and cost many of them the opportunity to take advantage of peak token prices.
Complex claims and missed opportunities
Before airdropMarket speculation is rampant, with analysts predicting an initial price of $4.50 for the ME token. This represents an allocation value of $562 million. Interestingly, on Whales Market, the price of the token climbed from $6.40 to $7.00 in pre-launch trading. Meanwhile, BeInCrypto report In the days leading up to the airdrop, ME tokens were trading between $3 and $4 pre-market.
“ME tokens are currently trading at $3-4 per ME in pre-market. Pre-listing should always be approached with caution, but with an initial indication of where value may be heading,” Azuki researcher wale.moca explain.
However, upon launch, Magic Eden’s ME exceeded expectations, hitting an opening high of $17 on CoinGecko. Within minutes, ME’s market cap soared to $1.6 billion, but plummeted below $1 billion in just 20 minutes, settling at $700 million by the end of the day.
This rapid price action occurred against the backdrop of a wave of selling pressure brought on by users claiming ME tokens. According to data from DEX Screener, some traders managed to cash out huge profits, with one trader making $586,800 from three quick sell orders. However, others were unable to take advantage due to a challenging claims process and system errors.
“My app is stuck and I can’t claim it and people are dumping me like hot cakes,” one X user shared.
arrive Get ME tokensusers must download Magic Eden wallet app, scan the QR code, connect to your computer and maintain a minimum wallet balance of $10. Many people encountered the dreaded “something went wrong” error, or received confirmation of their claim, but the actual tokens were not credited. This delay proved costly, as ME prices dropped rapidly, preventing some products from selling at their peak between $15 and $20.
“I have done everything according to the record. My eligible wallet is Metamask Which one cannot have Sol in it. I sent SOL to pay for my new ME wallet but can’t claim it because it says I don’t have SOL in my MetaMask wallet. I can’t be the only one,” one user lament.
“It tells me to update IOS but I have the latest version,” explain wale.moca, added to the list of complaints shared by users.
“…I got this error at $11 billion market cap…now I’m getting the error message. I think it’s referring to the chart,” another user shared.
Claim 69 million ME tokens within the first hour
However, according to the ME Foundation, more than 70,000 users successfully claimed 69 million ME tokens within the first hour. Despite the above challenges, some users have devised novel strategies. A trader named @nfttim on X earned $4,400 in fees in 5 hours using Magic Eden’s Dynamic Liquidity Market Making (DLMM) fee mechanism.
“While everyone around me was panicking and wanting to sell as fast as possible, I firmly believed that I could make back at least 50% of my drop in fees without selling a penny in 24 hours. My drop was still worth $17,000. Smart think slowly, not fast,” they point out.
This event reflects the huge interest in ME, making it one of the most important airdrop events in 2024. Jack Lu, co-founder and CEO of Magic Edenspoke about the turnout and acknowledged the overwhelming traffic.
“If you are a long-term partner, we welcome you to join the ME community. If not, thank you for using Magic Eden.” Lu explain.
Meanwhile, the Magic Eden airdrop follows. Hyperliquid’s HYPE Token Distributionwhich sets the new Decentralized Finance Standard for its seamless claims process and compelling assignments. However, HYPE performance after airdrop As a cautionary tale. After the initial surge, the token’s price dropped significantly, reflecting the short-lived nature of the airdrop hype.
Magic Eden could face a similar trajectory if it fails to build continued utility and trust for the ME token. While the airdrop shows the popularity of the platform, technical issues and missed opportunities may deter future participants.
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