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$ME
Magic Eden Token Launch: Price Crashes 64% Amid App Chaos

The newly launched Magic Eden (ME) token had a rocky start, soaring to $12 before crashing to $4—an eye-popping 64% drop. Users faced app crashes and a confusing airdrop claim process, souring the debut of the NFT marketplace's cryptocurrency.

Initially launched at $10, the ME token spiked to $12.2 before plummeting to $4.4. By press time, it had slightly recovered to $5.26, with trading volumes reaching $4.85 billion in 24 hours. The token now ranks #140 on CoinMarketCap with a $680M market cap.

Frustrated users struggled with Magic Eden's buggy mobile app, required to claim tokens. The app's instability and unclear instructions left many questioning whether desktop claims were even possible.

Despite the turbulent launch, the ME token promises to power Magic Eden's decentralized NFT ecosystem, connecting creators and collectors across chains.