Originally published on: December 11, 2024
Magic Eden recently launched its ME token, which initially saw a dip in value upon release as users experienced difficulties with the platform’s mobile app and claiming process. The token debuted at $6.70 on Dec. 10, peaked at $13.10 briefly, and then dropped by 67% to $4.30 before eventually stabilizing at around $8.60.
Complaints from users about the complicated claiming process and glitchy mobile app surfaced during the airdrop. Users found the process convoluted and frustrating, with some expressing confusion about whether they could claim the tokens on desktop or exclusively through the mobile app.
To claim their ME tokens, users were required to download the Magic Eden mobile app, scan a QR code on a desktop device, link their wallets, and then proceed with the claiming process. Some users expressed frustration with the app and the overall claiming experience.
Additionally, users reported intermittent downtime on the airdrop claims website, likely caused by a surge in traffic as claimants rushed to secure their ME tokens. Despite these issues, Magic Eden later confirmed that the technical problems had been resolved.
The ME token, released by the Magic Eden Foundation, has a total supply of 1 billion tokens, with 125 million tokens available for users until Feb. 1, 2025. The token has a current market capitalization of $776 million and a fully diluted valuation of $5.9 billion.
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