On December 10, the long-awaited launch of the ME token from the Magic Eden marketplace took place. During the event, one airdrop hunter managed to earn more than $2 million, though not everyone was so lucky. Many users faced technical issues, and the ME token’s price plummeted 50% within just one day.
$2 Million from the Airdrop
The standout success story came from an airdrop hunter who earned over $2 million. He used about 1,350 wallets to receive a total of 398,399 ME tokens, worth approximately $2.087 million at the time of writing.
Right after receiving the tokens, he began monetizing his haul. He sold 54,930 ME on decentralized exchanges (DEXs) when the price was around $8.68, pocketing $477,000. He then transferred the remaining tokens to Binance.
ME’s Price Surge and Collapse
Experts initially predicted ME’s price would hover around $4.5. However, after the launch, it soared to $17 with a market cap of $1.6 billion. Just 20 minutes later, the market began correcting, stabilizing around $700 million.
The rapid correction was driven by mass selling of airdropped tokens. Many users rushed to cash out, putting downward pressure on the price. One trader managed to earn $586,000, but most users were less fortunate due to the price drop.
Technical Problems and User Complaints
Many participants complained about difficulties withdrawing tokens. Technical glitches and app errors prevented some from accessing their tokens promptly. One user reported that system errors prevented him from using his MetaMask wallet, despite having SOL to cover fees.
To claim tokens during the TGE, users must link their wallet to the Magic Eden mobile app. According to Magic Eden CEO Jack Lu, this process can be completed by February 1, 2025.
Others faced issues with wallet compatibility after updating their iOS devices, even though they were using the latest system version.
Despite the difficulties, the ME Foundation reported that 70,000 users successfully received $69 million worth of ME in the first hour after launch. They acknowledged that widespread complaints and price instability highlight the need for future improvements.
Previously, we reported that ME was also listed on Binance. According to CoinMarketCap, the trading volume in the ME/USDT pair on the exchange reached $1.048 billion in 24 hours. At the time of writing, ME is trading at $5.13, down 54.52% from its start. At its peak, analysts recorded a price of $13.24.
This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.