Magic Eden token launches on Binance, bottom-fishing opportunities emerge

Magic Eden, the NFT giant in the Solana ecosystem, has finally launched its token $ME on Binance with a shocking debut, and its market value surged to over $5 billion on the first day! However, behind the glamour, there are hidden crises.

A glorious funding journey has been severely impacted by FTX. Magic Eden has raised a total of $150 million, with a valuation as high as $1.6 billion, but the FTX incident has put it in a difficult position. Now, although ME is listed, VC support is limited, and its circulating market value is far less than that of MOVE, which was listed at the same time.

The NFT market is no longer thriving, and the former glory is hard to find. With policy relaxations, the role of NFT substitutes has diminished, and despite the bull market, the NFT market has not risen accordingly. According to CryptoSlam data, the highest monthly sales for NFTs this year are only $2 billion, a far cry from the previous peak of $6 billion.

Bitcoin surges, while NFTs fall against the trend. The sales at the end of the year and the beginning of the year are worlds apart, and competitors like Blur and Op have also seen significant reductions in market value. There is a huge adjustment space for Magic Eden tokens, but can it withstand the pressure and find a way out?

After the plunge, a good opportunity for bottom-fishing has arrived! I have prepared the coins for bottom-fishing to help you recover your costs. Like and comment to grasp the pulse of the market together, as choices determine the future! Don't let opportunities slip away!

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