NFT marketplace Magic Eden airdrops ME

This is a segment from the 0xResearch newsletter. To read full editions, subscribe . After announcing its ME token back in August, Magic Eden finally launched the token today, alongside an impressive number of listings across several tier one and two centralized exchanges. About 10 minutes before launch, ME saw a 47% spike from $6.04 to a high of $8.9 on its pre-launch perps on Aevo . Two hours after launch, however, ME has cratered to a $581 million market cap, down 60% from $1.48 billion. Source: OKX Users are reporting technical difficulties trying to claim the airdrop on the Magic Eden wallet. As part of Magic Eden’s criteria, users had to install its mobile walle t and link their other wallets to prove eligibility for claiming. Magic Eden originally launched as a NFT trading platform on Solana in 2021, and later also deployed on Polygon and Base. Magic Eden successfully capitalized on the Bitcoin NFT craze in early 2024, processing about 83% ($1.7 billion) of all Ordinals and Runes NFTs trading volumes in the past year. Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter . Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter . Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more. The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.