ME plummets, is the airdrop dump from the project team or just the market? VC coins really can't compare to memes
The total supply of ME tokens is 1 billion, with an initial circulation of 125 million airdrop tokens, and the distribution of other tokens will gradually be released over 4 years. Recently, airdrop projects like Hyperliquid and Movement have performed well after TGE, coupled with the fact that Magic Eden is currently the leader in multi-chain NFT trading markets, the community has high expectations before the token goes live:
"The opening price of ME is expected to be $10, and it could reach $30 in the long run" "The airdrop allocation of ME is relatively reasonable, taking into account most real users, platform big holders, and small traders" "The price of ME is benchmarked against HYPE, but it shouldn't perform worse than MOVE at the opening"
Of course, some community members remain rational, believing that the price of ME is already too high before the opening:
"I've already shorted ME in pre-trading on OKX, the current FDV is already higher than its intrinsic value" "Selling ME right at the opening, starting with a 100 billion FDV is just setting up VC for a dump"
After the opening, the trend indeed matched expectations; after a rise, selling began. Whether the selling pressure came from airdrop allocations or from the project team itself remains unknown. Looking back at the previously mentioned meme sector,
0.5’s GOAT has been influenced by the news of listing on OKX, and has now nearly doubled to 0.915.
1’s squirrel PNUT has surged 40% due to the news of Coinbase's roadmap, currently at 1.2 with a 20% profit.
ACT and MOODENG both have gains of over 20%. These are all publicly available signals; during the crash, they were the ones shouting to buy the dip. This year's MEME sector is the most eye-catching, and the rebound after the dip will definitely see them take the lead.
Since the airdrop, the price of Magic Eden (ME) has been struggling, with 75% of the 125 million tokens already claimed. Most transactions occurred within the first hour, when over 60 million tokens were claimed, while the remaining 25% is expected to be gradually claimed, without causing significant price fluctuations.
