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Magic Eden (ME) Token Volume Drops by $4 Billion
Following the launch of ME by Magic Eden, the token’s volume has plummeted significantly. This drop may be linked to the lack of interaction with ME since the airdrop two days ago.
However, trading volume is not the only part of the Magic Eden ecosystem affected. This on-chain analysis reveals what else has been impacted and how the price may behave in the coming days.
Magic Eden sees declining interest in two key areas
Data from Santiment shows that Magic Eden’s volume was nearly $5.50 billion on Wednesday, December 11. At the time of writing, the same figure has fallen to $1.58 billion, indicating a reduction of approximately $4 billion.
However, trading volume is not the only part of the Magic Eden ecosystem affected. This on-chain analysis reveals what else has been impacted and how the price may behave in the coming days.
Magic Eden sees declining interest in two key areas
Data from Santiment shows that Magic Eden’s volume was nearly $5.50 billion on Wednesday, December 11. At the time of writing, the same figure has fallen to $1.58 billion, indicating a reduction of approximately $4 billion.
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