Magic Eden ME Token Airdrop: A $700 Million Event Ends in Price Plunge

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The ME token airdrop from Magic Eden NFT marketplace, valued at approximately $700 million, created extreme excitement in the crypto industry yesterday. Minutes before the launch, ME saw its price spiking from $6.04 to a peak of $8.9. Some earned massive profits from the launch. But for many, it was simply disappointing. Why?

Airdrop’s Massive Participation & ME Price’s Surge and Drop: What You Should Know 

The ME token airdrop was one of the largest events from the cryptocurrency sector in the year 2024. The ME Foundation confirms that at least 70,000 users claimed over 69 million ME tokens within the first hour of the launch. At a point yesterday, the price of ME touched a peak of $17.00. It took no time for the market to face a massive drop of around 73.88%. In the last 24-hours, the ME price has declined by nearly 69%. In the last hour alone, the price slipped by around 5.9%.

Data indicate that those who benefited from the launch were the ones who claimed their tokens early.  

Challenges in the ME Airdrop Claim Process 

Why could many users not properly time the market? To claim tokens, users were supposed to download the Magic Eden Wallet app, scan a QR code, and maintain a minimum wallet balance of $10. Reports suggest that not many were able to complete the process in a timely manner as they faced serious technical errors. Shockingly, reports also note that some even got confirmations without the actual tokens being awarded.

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Users’ Creative Strategies to Earn ME Tokens  

When many users dropped the attempt after facing errors during the claim process, some used creative strategies, like exploring fee mechanisms, to overcome the problem.  

Market Lessons from ME and HYPE Airdrops 

Experts point out that the airdrop of Magic Eden mirrored the HYPE event of Hyperliquid. They note that in both the scenarios, initial excitement slowly faded due to price drops.

There are many who strongly believe that Magic Eden is far different from Hyperliquid. If Magic Eden puts effort into building utility and trust, the price of ME could go up again – even beyond the peak of $17. 

In conclusion, the ME airdrop showcased Magic Eden’s popularity but highlighted the challenges of large-scale crypto airdrops.