The ME Foundation’s airdrop, which promised to distribute 700 million dollars, experienced significant disruptions due to its immense popularity. Market speculations about the future price of the ME token and potential rewards attracted attention. However, tens of thousands of users waiting to receive their share of ME tokens faced issues with the complicated application process and technical glitches.
Some users were unable to exit at the top due to these obstacles, resulting in potential losses. Prior to the airdrop, bullish market speculations were widespread, further increasing the hype. Analysts had predicted an initial price of $4.50, giving it a distribution value of $562 million. However, the price of the token rose to $7.00 in pre-launch trading on the Whales Market.
At launch, the Magic Eden tokens exceeded expectations, with CoinGecko registering an opening high of $17. The capitalization rose to $1.6 billion within minutes, but fell back below $1 billion within 20 minutes. By the end of the day, it had stabilized at $700 million. Several users experienced issues during the airdrop claim process, which involved downloading the Magic Eden Wallet mobile app, scanning a QR code, connecting it to their desktop computer, and claiming the tokens through the mobile app.
The process was confusing and overly complicated for many users. Additionally, a significant number of users encountered “something went wrong” and similar error messages after leaving. When asked about the claim issues, a representative of the ME Foundation stated that there was more traffic than usual for the Magic Eden mobile app, and that over 70,000 merchants collectively claimed nearly 69 million MEs in the first hour.
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