Yesterday, Magic Eden’s highly anticipated $ME airdrop became a hot topic in the crypto space, but the rollout wasn’t without issues.
While many users successfully claimed their allocations, others faced technical glitches, a confusing claim process, and repeated site crashes, leaving some disappointed.
On-chain analytics platform Lookonchain uncovered a significant controversy: a single user exploited the system to claim over $2 million worth of $ME tokens. This individual used over 1,350 wallets to amass 398,399 $ME tokens. Shortly after, they offloaded 54,930 tokens via decentralized exchanges, earning approximately $477,000 at an average price of $8.68 per token.
An #airdrop hunter claimed 398,399 $ME($2.14M) via more than 1,350 wallets!
So far, 54,930 $ME($477K) has been sold via DEX at an average price of $8.68, while the remaining tokens have been transferred to #Binance.https://t.co/yJk9B76Wzt pic.twitter.com/dr8ZgPOLoV
— Lookonchain (@lookonchain) December 11, 2024
The $ME token initially launched at $6.70, quickly surged to a peak of $13.10, then plunged 67% to $4.30 before stabilizing at around $8.60. This extreme volatility has raised concerns about the token’s market stability and Magic Eden’s ability to manage distribution effectively.
Magic Eden’s #ME Token Launch Faces Trouble, Big Rewards at Risk!
Magic Eden’s $ME token started at $6.70, surged to $13.10, then dropped 67% to $4.30 before recovering to $8.60.
Users reported app glitches, a confusing claim process, and site crashes.
With 1B tokens split for… pic.twitter.com/uHL6TP1Gua
— Mystery of Crypto (@Mysteryofcrypt) December 11, 2024
With a total supply of 1 billion tokens allocated across rewards, airdrops, and contributor incentives, the airdrop was intended to reward loyal users and drive adoption. However, the technical difficulties and apparent loopholes exploited during the event have put the platform under scrutiny.
The question now is whether Magic Eden can address these issues and rebuild trust within its community. Transparent communication, enhanced security measures, and a smoother user experience will be essential for restoring confidence. For now, the $ME token’s trajectory will depend not only on market dynamics but also on Magic Eden’s ability to navigate these challenges effectively.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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