Magic Eden (ME) declines sharply as 80% of recipients have sold all their coins
The price of the Magic Eden (ME) token has dropped sharply due to the airdrop, with approximately 80% of recipients having sold all the tokens they received. The long-term interest from these airdrop recipients is clearly limited, with only 8.3% of them retaining all their tokens. This has led to a downward price trend, as nearly 121,000 wallets (equivalent to 90%) have sold at least a portion of the ME tokens they received.
As ME fluctuates around $4.48, the ability to maintain this price level or surpass resistance levels at $4.69 and $5.10 will determine the next price direction. If the downward trend continues and the price breaks through the $4 threshold, there could be further selling pressure. However, if the market shows positive momentum, the ME token has the potential to recover and test higher resistance levels.
