ME, the token launched by Magic Eden, a leading NFT marketplace, has seen its volume plunge significantly. This crash could be linked to declining interaction with the token since its airdrop some days back.

However, trading volume is not the only part of the Magic Eden ecosystem affected. This on-chain analysis reveals what else and how the price might fare in the coming days.

Magic Eden Sees Waning Interest in Two Major Areas

Data from Santiment shows that the Magic Eden volume was nearly $5.50 billion on Wednesday, December 11. As of this writing, the same metric has decreased to $1.58 billion, indicating that it declined by approximately $4 billion.

Trading volume represents the total number of buy and sell transactions for a specific cryptocurrency asset within a given time frame, typically measured daily. When the volume increases, it means that there is a lot of interaction with the cryptocurrency.

On the other hand, a decrease in volume indicates reduced buying and selling, which makes it challenging for the price action to increase. Interestingly, this decline in volume coincides with ME’s 54% price decrease since its launch on Tuesday. Should the volume continue to fall, then the altcoin’s value might not experience a quick rebound from $5.15.

Magic Eden Token Volume. Source: Santiment

Like the token’s trading volume, the total NFT trade volume has also tanked. NFT trade volume represents the total value of transactions, measured in US dollars, involving non-fungible tokens within a specific marketplace during a given measurement period.

According to on-chain data, the volume was over $3 million on December 4. As of this writing, that value has declined to $154,000, indicating that the number of NFTs bought and sold on the Magic Eden marketplace is no longer at the height it was last week.

Should the platform continue to experience this decline, it might also affect the demand for the ME token, which is also the marketplace’s utility token.

Magic Eden NFT Trades Volume. Source: Santiment ME Price Prediction: Soon to Lose $5 Support

At first glance, the 1-hour ME/USD chart shows that the altcoin is trading within a descending channel. A descending channel, characterized by lower highs and lower lows, indicates a bearish market trend. This pattern suggests that sellers have the upper hand, consistently driving the price downward.

Considering that this is happening with the Magic Eden token volume declining, then the price might go lower. If this remains the case, then ME’s price could decline to $4.93 in the short term.

Magic Eden 1-Hour Analysis. Source: TradingView

On the flip side, if bulls defend the price at the support level of $5.13, this forecast might not happen. In that case, the cryptocurrency’s value might climb to $7.19.

Whale Manipulations: How to Avoid Losing Your Savings in the Crypto Market!
It’s no secret: whales and insiders manipulate the market to their advantage, leaving 90% of traders at a loss because they don’t understand these tactics. The crypto market, while full of opportunities, is a playground for large players who exploit the inexperience and emotional reactions of retail traders. But here’s the good news: you can protect yourself if you understand how these whales operate and recognize their tactics.
Let’s dive into the murky waters of market manipulations and equip you with the tools you need to outsmart the big players!
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### Understanding Whale Market Manipulation Patterns
Whales, or entities with substantial financial resources, play a calculated game of deception. They manipulate prices to maximize their profits, often at the expense of smaller traders. By understanding their typical strategies, you can avoid being caught in their traps.
Here’s how the cycle often works:
1. Asset Accumulation: Whales silently accumulate large amounts of an asset, avoiding significant price movements to keep their intentions hidden.
2. Pump (Price Increase): Once they’ve built a sizable position, they start pushing the price upward, creating hype and attracting retail traders.
3. Re-accumulation: After the initial pump, they let prices stabilize and quietly accumulate more during periods of consolidation.
4. Second Pump: Another surge in price lures even more retail buyers, increasing demand.
5. Distribution: When retail participation peaks, whales begin selling off their positions in small, unnoticed increments.
6. Dump (Price Reduction): A massive sell-off causes the price to crash, leaving latecomers at a loss.
7. Redistribution: Once prices hit a low point, whales buy back the asset at a discount, starting the cycle again.
This rinse-and-repeat strategy is why many traders feel like the market is “rigged” against them.
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### Common Whale Tactics to Watch Out For
Whales employ a variety of methods to confuse, manipulate, and profit from unsuspecting traders. Here are the most common tactics they use:
1. Faking Chart Patterns: Whales create false signals, such as fake breakouts or breakdowns, to lure traders into making the wrong moves.
2. Stop-Loss Hunting: They drive prices to levels where stop-loss orders are clustered, triggering a chain reaction of sell-offs.
3. Range Manipulation: Prices are pushed into tight ranges, forcing traders to exit positions out of frustration, just before a big move.
4. Fair Value Gap (FVG): Whales exploit gaps created by volatile price swings to manipulate the market further.
5. Wash Trading: This tactic involves inflating trade volume by buying and selling within their own accounts, creating a false sense of market activity.
6. Spoofing with Market Orders: Placing large, fake orders and canceling them creates the illusion of supply or demand, tricking traders and bots into reacting.
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### How to Protect Yourself from Whale Manipulation
The key to staying ahead of whale tactics is awareness, patience, and strategic decision-making. Follow these guidelines to protect your savings:
1. Avoid Stop-Loss at Predictable Levels: Placing stop-losses at obvious levels makes you an easy target for whales. Instead, use mental stop-losses or set them further away from key levels.
2. Confirm Before You Commit: Wait for confirmation in price action before entering trades, especially during breakouts or breakdowns.
3. Respect Support and Resistance: Only act once these critical levels are decisively broken or held.
4. Steer Clear of Sudden Pumps: Avoid the temptation to jump into sudden price surges, especially during low-volume periods.
5. Examine the Spreads: Whales often manipulate buying and selling spreads to mislead traders. Stay vigilant.
6. Stick to Your Plan: Emotional trading is a whale’s best friend. Develop a solid plan and stick to it, even when the market gets volatile.
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### Pro Tip
Trading isn’t about chasing every pump or catching every trend—it’s about protecting your capital, securing consistent profits, and staying disciplined. Whales thrive on emotional, uninformed decisions. Don’t let them turn you into their exit liquidity!
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### Follow Me for More Tips
I’ve dedicated countless hours to researching these tactics to help traders like you navigate the market more safely and confidently. If you found this guide helpful, don’t forget to like, save, and share it with others. Let’s build a smarter, more informed crypto community together.
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This version is more detailed and structured, providing additional insights into each manipulation tactic and actionable advice for readers.

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