Is ME being questioned as a scam?
When this cryptocurrency first emerged, it skyrocketed to a high price of $8, but the good times didn't last long, as it fell back to $4.1 within two days. In just two hours, the price surged 1600 times and then quickly dropped again.
That said, ME is the darling of the Magic Eden platform, which is the heavyweight in the NFT trading world. Even though the entire NFT market is like a roller coaster, it remains steadfast.
By 2024, it has secured a significant market share on blockchains like Solana and Bitcoin Ordinals, and it is still the largest market in terms of on-chain trading volume, with a share of 36.68%!
Take Solana NFTs for example, Magic Eden's trading volume has already reached $654.8 million this year.
Moreover, Magic Eden has generously distributed $700 million in ME airdrops to give back to loyal customers, which is an astronomical figure in airdrop history!
However, now there are more sellers than buyers, so the price has naturally been declining. Those who received the airdrops saw the exchange price was decent and couldn't wait to sell, resulting in even lower prices.
So when will this coin rise again?
Once all the airdrops are claimed and sold, ME's price should gradually return to normal, after all, this coin was so popular from the start that many newcomers rushed in when they saw its surging momentum.
Therefore, when it comes to investing, it's really important to do your homework in advance and not be blinded by the surface excitement.
