Magic Eden Optimistic Despite Airdrop’s Technical Chaos

Magic Eden NFT’s ME Airdrop Attracts 70,000 Users

Magic Eden (ME): Airdrop Chaos Robs Users Of The Chance To Sell

Magic Eden’s ME token airdrop was recently released, but failed to capture the enthusiasm of the marketers as technical glitches surfaced. Consequently, the traders failed to profit from the peak positions and faced delayed claims. Moreover, the value of ME, that reached $17 once, stabilized at $700 million. While some profited, others ended up cursing the app, further predicting poor future participation.

Highly Anticipated Airdrop Ended Drastically

The ME token airdrop was highly anticipated, being released by the non-fungible token (NFT) platform Magic Eden. It even made waves in the cryptocurrency community on the 10th of December, 2024. Tens of thousands of participants were eagerly drawn to claim the tokens.

However, things turned ugly when the claim process convoluted and technical errors frustrated the users who could not capitalize on peak token prices.

Market speculation was rampant even before the airdrop. The initial ME token price was predicted to be $4.50, making the distribution value $562 million. The pre-launch trading price even climbed $6.40 to $7.00. It actually exceeded the expectations when the price opened at $17 and ME’s capitalization soared to $1.6 billion. Later on, however, it plummeted to less than $ 1 billion within minutes, closing at $700M at the end of the day, given the challenging claim process, system errors and a wave of selling pressure from users.

What Users Faced

To claim the tokens, users were to download the Magic Eden Wallet app. They had to scan the QR code, connect to a computer and have a minimum of $10 in their wallet. While many faced the “something went wrong” error, others received claim confirmations without actually getting the tokens credited. Due to the resulting delay, users failed to make the most of the peak values that reached $15 to $20.

Users expressed their experiences on social media; some were asked to update IOS despite using the latest version.

ME Foundation Is Optimistic About The Airdrop

The ME Foundation has, but, considered the airdrop quite successful as it could gather 70,000 users to claim 69 million ME tokens. As per the foundation, many of the users were innovative enough to solve the technical issues themselves using their creativity and smartness. For example, a trader used Magic Eden’s Dynamic Liquidity Market Making (DLMM) fee mechanism and earned a whopping $4,400 within a few hours.

Reflecting On The ME Event

The ME memecoin airdrop is a reflection of the massive interest the ME could garner, making it one of the most significant airdrop events of 2024 despite the failure.

Now, Magic Eden needs to build sustained utility and trust for its token.