The ME token is issued by the Magic Eden Foundation and went live on Binance directly without undergoing on-chain trading, similar to the recently launched MOVE. Any token that can go live on Binance possesses significant strength!
Before the ME token was launched, if we refer to the pre-market price, Magic Eden's circulating market value had already surpassed the fully diluted valuation (FDV) of other NFT trading markets like Tensor and Blur. From a data perspective, although Magic Eden's market share in the Solana NFT market is not as high as the leading Tensor, it has shown significant advantages in supporting and developing multi-chain NFTs, especially in the Bitcoin NFT and rune trading markets, where its position is unassailable.
Furthermore, the performance of the ME token is often compared with the TGE (Token Generation Event) of HYPE and MOVE. In terms of initial circulation, ME is even smaller than HYPE and is also a project with strong profit potential; in terms of exchange support, ME is similar to MOVE, successfully listing on mainstream exchanges like Binance and Upbit. Therefore, many investors believe that ME's price should maintain above 10 USDT for a while. However, the current situation faced by Magic Eden is not entirely as optimistic as the above analysis suggests. The rise and fall of a trading market always depend on the development of its ecosystem. Currently, the Bitcoin ecosystem is in a bear market, and among the top ten NFT projects by market value, there is no Bitcoin NFT (Bitcoin Puppets ranks 12th), and in the hot Solana market, Magic Eden's share is less than that of Tensor, making it difficult to support a valuation of ten billion dollars.
The current trend is even more difficult to describe; all expectations were hyped up during the launch and began to soar after going live, reflecting the expected potential of this token, but looking at the current situation, the market makers seem to have lost their intention to support it. Now, there is a need to ignite the potential of ME, as its position has already fallen below the break-even price, and returning to its peak will be a long and arduous journey.
