Magic Eden Token Launches on Binance, Bottom-Fishing Opportunity Emerges

Magic Eden, the NFT giant within the Solana ecosystem, has finally made a stunning debut of its token $ME on Binance, with its market value soaring to over five billion dollars on the first day! However, behind the glamour lies a hidden crisis.

A glorious fundraising journey, yet severely impacted by FTX. Magic Eden has raised a total of 150 million dollars, with a valuation of up to 1.6 billion, but the FTX incident has left it in turmoil. Now, despite the listing of ME, VC support is limited, and its circulating market value is far less than that of MOVE, which was listed around the same time.

The NFT market is no longer thriving, and the former glory is hard to find. With relaxed regulations, the role of NFT substitutes has diminished, and under the bull market, the NFT market has not risen with the tide. According to CryptoSlam data, this year’s highest monthly NFT sales only reached 2 billion dollars, far from the previous peak of 6 billion.

Bitcoin surges while NFTs decline against the trend. The sales figures at the end of the year and the beginning of the year are vastly different, and competitors like Blur and Op have also seen significant market value shrinkage. The token of Magic Eden has substantial room for adjustment, but can it withstand the pressure and find a way out?

After the crash, the opportunity for bottom-fishing has arrived! I have prepared the tokens for bottom-fishing to help you break even. Like and comment to grasp the market pulse together; choices determine the future! Don’t let the opportunity pass by!

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