Key points
#BINANCEWEB3 listed Magic Eden's ME token a few minutes ago.
After users encountered token allocation issues, the Magic Eden team released a community update.
Multi-chain NFT marketplace Magic Eden saw its ME token launched today. Earlier, Binance had also announced the listing of the ME token with the Seed Tag applied. OKX Futures has also listed ME.
ME's market capitalization has fallen since its listing
Since its IPO about an hour ago, ME's market cap has risen from a high of $1.6 billion to current levels of around $586 million.
The price of ME hit $12.22 and then fell to current levels of $4.5, a drop of over 60% since launch.
The total token supply is 1 billion ME and the circulating supply is 130.74 million ME tokens.
Previously, Binance revealed that trading would open at 15:00 (UTC) for 4 pairs: ME/BTC, ME/USDT, ME/FDUSD, and ME/TRY. The exchange also said that withdrawals would open tomorrow at 15:00 (UTC).
So far, ME has been on a downward trajectory since its previous launch.
On X, the team behind Magic Eden announced that today is the day everyone has been waiting for and the ME token is here.
Magic Eden ME Token Launched
The team shared a video that walks users through how to claim tokens. Magic Eden also told users that they have until February 1, 2025 to claim their tokens.
Unclaimed tokens will be distributed to stakers, according to the announcement.
Following the announcement, some users have encountered issues.
ME User Token Allocation Issues
Someone said there was a problem with their application and the claim has not yet started.
user complaint problem
Another user, rikky, said he didn’t claim anything and there were no tokens in his wallet, but he received a message saying “Tokens claimed.” The message also asked him to stake tokens for a longer period to enjoy bigger multipliers on the ongoing rewards.
ME Token Claim Message
Someone got another error message asking them to update their iOS:
error message
Another user reported receiving a host error, to which the Magic Eden team responded with a community update, stating that ME allocation calls are now live.
Magic Eden allows you to appeal and correct ME allocations
The post stated that after community feedback, the Magic Eden team decided to allow users to appeal and correct their ME allocations.
Message from Magic Eden via X
What is Magic Eden (ME)?
Magic Eden is a multi-chain NFT marketplace, and the ME token powers the platform’s on-chain economy. ME is the platform’s official token, representing the largest community of on-chain users who can earn ME by trading all assets across all chains.
Magic Eden announced its TGE claim via X yesterday.
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