$ME

The ME token is issued by the Magic Eden Foundation and went live on Binance without any on-chain trading, which is similar to the newly launched MOVE from yesterday. Any token that can go live directly on Binance is definitely strong!

Before the ME token launched, if we take the pre-market price as a reference, Magic Eden's circulating market cap had already surpassed the fully diluted valuation (FDV) of other NFT trading markets like Tensor and Blur. Analyzing the data, although Magic Eden's market share in the Solana NFT market is not as large as the leading Tensor, it has shown significant advantages in supporting and developing multi-chain NFTs, especially in the Bitcoin NFT and Runes trading markets, where its position is unshakable.

Additionally, the performance of the ME token is often compared with the TGE (Token Generation Event) of HYPE and MOVE. In terms of initial circulating supply, ME is even smaller than HYPE, and it is also a project with strong profit potential; in terms of exchange support, ME is similar to MOVE, successfully listing on mainstream exchanges such as Binance and Upbit. As a result, many investors believe that ME's price should maintain above 10 USDT for some time. However, the current situation faced by Magic Eden is not as optimistic as the analysis suggests. The rise and fall of a trading market always depend on the development status of its ecosystem. Currently, the Bitcoin ecosystem is in a bear market, and among the top ten NFT projects by market cap, there is no Bitcoin NFT (Bitcoin Puppets ranks 12th), while in the hot Solana market, Magic Eden's share is also less than Tensor, making it difficult to support a valuation of tens of billions of dollars.

The current trend is even more difficult to describe; all expectations were hyped up when it launched, but after the launch, it began to surge, reflecting the anticipated potential of this token. However, looking at the current situation, the market makers seem to have lost interest in supporting it. Now, we need something to ignite ME's potential, as it has already dropped below the break-even price; the road to returning to its peak will be long and challenging. #DeFi全线飙升 #BTC重返10万