What is Magic Eden Token? Price Drops 64% at Launch as Users Face App Issues
A cryptocurrency launched by NFT marketplace Magic Eden made a dramatic debut yesterday (Tuesday). It captured attention with its initial surge in price, only to plummet shortly after. The NFT platform's users, eager to claim their airdrops, faced a series of frustrating hurdles, including an unstable mobile app and a complicated claiming process. A Challenging Start for the ME TokenThe ME token launched at $10 and immediately jumped to more than $12 before tumbling to around $4. This drastic change represents a 67% drop. The price was then confined to a range of $4 and $8. At the time of publication, it had recovered to $5.26.Besides the price volatility, the debut was also affected by user complaints. One issue was the claiming process, which required users to download Magic Eden's mobile app, scan a QR code on a desktop device, link their wallets, and then claim their allocated airdrop.Today’s the day you’ve been waiting for. $ME is here.Don’t guess — Watch this video below and learn how to claim in mere minutes.You have until February 1st 2025 to claim, any unclaimed tokens will be distributed to stakers.More info on this later. pic.twitter.com/NWFmnCaSEv— Magic Eden ???? (@MagicEden) December 10, 2024The platform's mobile app was reported to be difficult to navigate, frustrating users who struggled to complete the process. Magic Eden's mobile app, a critical tool for claiming the ME token, was one of the biggest points of frustration. Technical Glitches and User FrustrationsUsers reported that it was prone to crashes, which compounded the already complex claiming procedure. There was also confusion about whether the token could be claimed via desktop, with some users unsure if they had to use a mobile device exclusively.Despite the challenges at its launch, Magic Eden's ME token ranks #140 on CoinMarketCap with a market cap of $680 million. Its value is up 13% in the past day, and its trading volume is $4.85 billion.ME has a circulating supply of 130 million out of a total maximum supply of 1 billion ME tokens. Magic Eden is an NFT marketplace where creators and collectors can engage with non-fungible tokens. The ME token, which now powers the platform's cross-chain capabilities, aims to foster a more decentralized and community-driven ecosystem. This article was written by Jared Kirui at www.financemagnates.com.
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A cryptocurrency launched by NFT marketplace Magic Eden made a dramatic debut yesterday (Tuesday). It captured attention with its initial surge in price, only to plummet shortly after. The NFT platform's users, eager to claim their airdrops, faced a series of frustrating hurdles, including an unstable mobile app and a complicated claiming process.
A Challenging Start for the ME Token
The ME token launched at $10 and immediately jumped to more than $12 before tumbling to around $4. This drastic change represents a 67% drop. The price was then confined to a range of $4 and $8. At the time of publication, it had recovered to $5.26.
Besides the price volatility, the debut was also affected by user complaints. One issue was the claiming process, which required users to download Magic Eden's mobile app, scan a QR code on a desktop device, link their wallets, and then claim their allocated airdrop.
Today’s the day you’ve been waiting for. $ME is here.Don’t guess — Watch this video below and learn how to claim in mere minutes.You have until February 1st 2025 to claim, any unclaimed tokens will be distributed to stakers.More info on this later. pic.twitter.com/NWFmnCaSEv— Magic Eden ???? (@MagicEden) December 10, 2024
The platform's mobile app was reported to be difficult to navigate, frustrating users who struggled to complete the process. Magic Eden's mobile app, a critical tool for claiming the ME token, was one of the biggest points of frustration.
Technical Glitches and User Frustrations
Users reported that it was prone to crashes, which compounded the already complex claiming procedure. There was also confusion about whether the token could be claimed via desktop, with some users unsure if they had to use a mobile device exclusively.
Despite the challenges at its launch, Magic Eden's ME token ranks #140 on CoinMarketCap with a market cap of $680 million. Its value is up 13% in the past day, and its trading volume is $4.85 billion.
ME has a circulating supply of 130 million out of a total maximum supply of 1 billion ME tokens. Magic Eden is an NFT marketplace where creators and collectors can engage with non-fungible tokens. The ME token, which now powers the platform's cross-chain capabilities, aims to foster a more decentralized and community-driven ecosystem. This article was written by Jared Kirui at www.financemagnates.com.
