Coin overview
ME
Ended--
Last price (USDT)
2.41M
24h total (USDT)
3.06M
Total vol (USDT)
2024-11-22 12:00:00 ~ 2024-12-10 13:30:00
Trading time (UTC+0)
2024-12-10 15:00:00 ~ 2024-12-10 19:00:00
Delivery time (UTC+0)
Total supply1.00B
Resources
Introduction
$ME is committed to supporting the MagicEden-led cross-chain ecosystem super dapp strategy, mainly focusing on acquiring more users from different public blockchain or other infrastructure, and allowing users to realize one-stop seamless trading of multi-chain assets.
ME broke through $3.5, with a 24-hour increase of 26.2%
The market shows that ME has broken through $3.5, currently quoted at $3.49, with a 24-hour increase of 26.2%. The market fluctuation is quite large, please manage your risk well.
PENGU future target price 200 ETH? Has this bull market reignited NFTs?
Author: Nx.one Research Institute In the recent warming trend of the cryptocurrency market, the NFT sector has also seen significant signs of recovery. Notably, the recent popularity of Pudgy Penguins and Magic Eden has made them outstanding representatives of NFTs in this blooming bull market. According to the latest data from CoinGecko, the market capitalization of the NFT sector reached $8.2 billion in December. Data from November further confirms the warming trend in the NFT market. Statistics from CryptoSlam show that NFT sales in November reached $562 million, the highest level since May, when sales were close to $600 million. Although the number of independent buyers in November decreased to 662,000, down from over 1 million in May, the increase in sales indicates that the market is regaining vitality. Review of November's Data Performance 73% of market activity was dominated by the three major series: CryptoPunks, BAYC, and Pudgy Penguins. Ethereum continues to dominate the NFT market, with sales reaching $216 million in November, while NFT sales in the Bitcoin ecosystem also grew by 99.44%, reaching $186 million. CryptoPunks performed outstandingly in November's rebound, with a trading volume of $49 million, a 392% increase from October, achieved through only 388 transactions. This collection accounted for 40% of the market share, with a median transaction value of $114,131, demonstrating its continued appeal among collectors and investors. Bored Ape Yacht Club (BAYC) also held strong, with prices stabilizing at 21.27 ETH (approximately $79,727), achieving a 75.79% increase within a week. In the past day, the total trading volume for this series reached 1486 ETH, indicating market activity. Pudgy Penguins, as a dark horse in the blue-chip NFT sector, maintained a healthy floor price of 14.869 ETH (approximately $55,758) and achieved nearly a 30% increase within a week. Azuki, with its more accessible positioning, had a floor price of 5.799 ETH and also rose by 8.61% in a single day. In the NFT market of EVM chains, Blur leads with a trading volume of $271 million, followed closely by OpenSea with $161 million in trading volume. In terms of user habits, OpenSea maintains its lead with approximately 188,000 active traders and over 2 million transactions. Although Blur has a smaller user base of about 38,000 active traders, its user trading activity is higher, showcasing the market's diversity and competitiveness. From the new round of the bull market starting in November, market data clearly indicates the recent warming trend in the NFT market, with strong performance and active trading volumes providing robust evidence for the recovery of this sector. Pudgy Penguins Becomes the Second Largest NFT Project Riding the wave of this bull market, the Pudgy Penguins team announced the launch of the token PENGU, and following this news, its NFT floor price has been continuously hitting new highs, becoming the center of discussion in recent days on X. The strong community and market reaction to the announcement of the token launch is easily understandable, as the token distribution plan allocates the largest share to the Pudgy community, accounting for 25.9%, while other community allocations are at 24.12%. According to community member @BTCThinker88's analysis, the airdrop scale of Pudgy Penguins' PENGU token is quite substantial, with each holder expected to receive between $31,000 to $61,000 (approximately 7.9 to 15.8 ETH) in airdrop benefits. Additionally, the tokenomics structure of Pudgy Penguins shows that community airdrops account for a major portion of about 51%, and there is no lock-up period for community airdrops. NFT holders on social media generally express support for this token economic model and look forward to the potential value of the airdropped tokens. This initiative by Pudgy Penguins not only strengthens community cohesion but also injects new vitality into the NFT market. Magic Eden's Token Airdrop: Unlimited Potential During the period from 2023 to 2024, the NFT market overall experienced a downturn, with a significant decline in market trading volume. However, Magic Eden successfully restored some market activity during this period through various innovations and strategic adjustments, positively impacting the entire NFT market. This is reflected in the trading data for 2024, where, according to official data, the platform's trading volume has reached $600 million as of November 2024. This figure not only showcases Magic Eden's strong growth in the NFT trading sector but also reflects the warming trend of the entire NFT market. Magic Eden's mobile product, Magic Eden Wallet, also performed well, with the number of monthly active addresses reaching 300,000. According to nftpluse data, in the past month, Magic Eden's user count reached 156,000, with a market share of 31.6%, leading the second-ranked OpenSea by about 20,000 users, and being 7.42 times the user count of the already launched Blur platform (21,000). Furthermore, Magic Eden's trading revenue in the past month was $2.8 million, with a market share of 45.4%, leading OpenSea by about $600,000 and being 9.3 times the revenue of the already launched Blur platform ($301,000). In the Bitcoin ecosystem, Magic Eden's performance is particularly outstanding, ranking first in DEX (decentralized exchanges), with rune and inscription trading volume accounting for over 80%. In the NFT ecosystem, Magic Eden also leads in revenue and user share. Specifically, Magic Eden's revenue share accounts for 60%, while its user share accounts for 29%. These market share positions not only solidify Magic Eden's leadership in the Bitcoin ecosystem but also provide strong support for the overall recovery of the NFT market. The long-anticipated TGE airdrop, due to its total token supply of 12.5%, an expected opening value exceeding $4 billion, and the introduction of community-first features to reward loyal users, along with its significant influence and trading volume as a cross-chain NFT market, has led to strong performance for the ME token in the presale market, with prices once soaring to $4.50. At the time of writing, the highest observed price reached $11 before continuously dropping to around $5; however, ME still holds great potential, as it is already operating across multiple blockchains, including Solana, Ethereum, and Polygon, and the launch of TGE may further enhance its cross-chain capabilities. Conclusion While Magic Eden's TGE certainly has great potential to become a catalyst for the recovery of the NFT market, the ultimate effect depends on multiple factors, including the subsequent overall bull market trend, which directly influences the price trajectory of the ME token. As for the price of Pudgy Penguins, Luca Netz claimed in July this year that Pudgy Penguins would reach a floor price of 200 ETH in this cycle. Although the current floor price is still far from Netz's target, the overall recovery of the NFT market and the collaboration with allies in the NFT market make the realization of a 200 ETH floor price in the future worth paying attention to and looking forward to.
Magic Eden Staking Explained: A Complete Guide
Magic Eden’s $ME staking system has intrigued many crypto enthusiasts, but it’s far from straightforward. Despite 11.37% of all circulating $ME tokens being staked, only a few participants fully understand how the system works. If you’re among those scratching their heads, this guide will break it down for you step by step. What Makes $ME Staking Different? When most people think of staking, they imagine locking their tokens and passively earning rewards. However, staking $ME is more interactive and complex, requiring a combination of staking and activity to maximize your rewards. Here's the critical point: staking alone does not earn you rewards. Instead, it’s part of a two-step system where staking power and quest participation work together to determine your rewards. Key Concepts of $ME Staking 1. Staking Power Your staking power determines your influence in the system and directly impacts your potential rewards. It is calculated using this formula: Staking Power = $ME Staked × Multiplier (based on lock-up duration) Example: You stake 100 $ME. You lock it for 120 days (which gives a multiplier of 2.55 or 255%). Staking Power = 100 × 2.55 = 255. A higher staking power helps you climb the rankings, which are crucial for earning rewards. 2. Quests Staking alone won’t cut it. To earn rewards, you must actively complete quests, which are specific on-chain activities. Each completed quest earns you points that contribute to your ranking score, the key determinant for reward distribution. Examples of Current Quests: Use the Magic Eden wallet once per week. Make a swap (minimum $5, up to four swaps per week). Buy a collectible using the mobile app. Trade NFTs. Trade tokens. You can find these quests in the Magic Eden mobile app under the “Explore” section. 3. Ranking and Rewards Your ranking score is calculated based on your staking power and quest activity. Rewards are distributed at the end of a Chapter (a 90-day cycle) based on your rank percentile: Top 1% Top 10% Top 50% Others Higher ranks earn proportionally larger rewards. However, the exact amount of rewards for each rank remains unclear, leading to frustration among users. Step-by-Step Guide to Staking $ME 1. Stake Your $ME Tokens Decide how much $ME to stake and for how long. The longer the lock-up period, the higher the multiplier (and thus your staking power). Use the Magic Eden staking interface to lock your tokens. 2. Link Your Wallet Ensure the wallet used for quests is linked to your staking wallet via the ME Foundation Wallet Linking Tool. 3. Complete Quests Regularly participate in quests listed in the Magic Eden app. Perpetual quests, which can be repeated weekly, are particularly important for maximizing your ranking score. 4. Monitor Your Ranking Keep track of your ranking and quest completion to stay competitive. 5. Claim Rewards At the end of a Chapter (90 days), rewards will be distributed based on your final rank percentile. Rankings reset after each Chapter. Why Staking $ME Matters? 1. Token Supply Shock By staking $ME, tokens are removed from circulation, creating a supply shock that can positively impact $ME’s price over time. 2. Engagement Incentive The questing system incentivizes users to actively engage with Magic Eden’s ecosystem, ensuring that rewards go to participants who contribute to its growth. 3. Long-Term Potential While rewards are currently unclear, the system is designed to reward active participants generously, making it worthwhile for those who commit. Challenges and Transparency Issues Despite its innovative approach, the $ME staking system has some pain points: Complexity: Many users find the two-step system (staking + quests) overly complicated. Lack of Transparency: The exact reward allocation for different rank percentiles remains a mystery. Users are left guessing how much they’ll earn, which undermines confidence in the system. These issues highlight the need for clearer communication and tools to help stakers estimate their potential rewards. Recap: How to Maximize Your $ME Rewards Stake Strategically: Stake more $ME or choose a longer lock-up duration to maximize your multiplier. Complete Quests Regularly: Engage with perpetual quests to boost your weekly ranking score. Monitor Rankings: Stay competitive by tracking your ranking and adjusting your activity accordingly. Stay Updated: Follow announcements from Magic Eden to understand changes in the staking and reward system. Final Thoughts The $ME staking and questing system is an innovative approach that rewards active ecosystem participation. However, it’s not without its challenges. The lack of reward transparency and the complexity of the mechanism may deter potential users. If Magic Eden addresses these concerns, $ME staking could become a benchmark for gamified staking models in the crypto space. Until then, stay active, stay informed, and maximize your staking power and quest participation to climb the rankings and secure your rewards.
Wallet provider Exodus stock rallies 37% on NYSE American debut
Exodus Movement is now trading on NYSE American as of Wednesday, a company representative told The Block. This places Exodus — the makers of one of the oldest operating crypto wallet developers — among a handful of publicly traded crypto companies on a major U.S. exchange. The firm’s stock (ticker: EXOD) is up over 37% as the trading day closes after hitting an all-time high of $64.50, according to Google Finance. EXOD is currently changing hands for around $53. NYSE American is owned and operated by the New York Stock Exchange in New York City. Exodus, founded in 2015, previously traded on listed OTC Markets under the same ticker. It announced it would look to "uplist" earlier this year. The company received approval to list its common stock on the NYSE American in May 2024. “Trading on the NYSE American will allow Exodus to create greater long-term value for our stockholders by increasing our presence within the investor community and, in turn, increase liquidity,” Exodus CEO and co-founder JP Richardson said at the time. Exodus saw $20.1 million in revenues and a net loss of around $800,000 in the third quarter of this fiscal year, according to its third-quarter filing in November. The firm primarily derives revenues from exchange services including fiat onboarding as well as staking and consulting services. Exodus recently partnered with hardware wallet provider Ledger and the NFT platform Magic Eden. “In Q3, we delivered both high year-over-year revenue growth and profitability, which demonstrates the strength of our business model as well as the growing adoption of the digital asset market,” CFO James Gernetzke said.
Pudgy Penguins’ PENGU Token, NFTs Suffer Major Price Dip Post-Airdrop
PENGU, the newly-launched cryptocurrency of the Pudgy Penguins ecosystem, suffered a sharp decline in value a day after it went live. At the time of writing, data from CoinGecko showed that the token had fallen by 57.8% within 24 hours to settle at $0.02892. Airdrop Aftermath The highly-anticipated airdrop launched on December 17 saw about 62.8 billion PENGU tokens distributed to millions of qualified NFT holders, traders, and team members. However, following an initial surge that catapulted the token into the top 100 cryptocurrencies by market cap, it suffered a swift sell-off that saw its value plummet by more than 60%, falling from a high of $0.06845 to a low of $0.027. Interestingly, the damage wasn’t limited to the cryptocurrency, with Pudgy Penguins’ NFT collection suffering a similar fate. Within a single day, it saw its floor price plunge by more than 48% to 17.1 ETH, about $64,450, a stark contrast to its all-time high (ATH) level of 36.33 ETH. The downtrend notwithstanding, information from CryptoSlam showed an increase in trading activity, with the collection’s daily sales volume skyrocketing 258% to $21.7 million. While some investors cashed out their holdings, others used the opportunity to buy the dip, with the average sale price currently sitting at 19.89 ETH. A Pattern of Post-Airdrop Volatility While the rapid drop in PENGU’s market value may have raised some eyebrows, the phenomenon is not particularly new, with several other cryptocurrency giveaways leading to a market frenzy. Some observers have attributed this to an emerging trend among airdrop recipients who quickly cash out their holdings, leading to a marked price instability at the beginning of a coin’s post-distribution trading. For example, NFT marketplace Magic Eden’s ME token and Movement Network’s MOVE also experienced similar patterns following their respective airdrops. Both of them registered sharp divestment, with ME in particular losing 80% of its value as thousands of claimants exited their positions. However, regardless of the turbulence, PENGU still retains a market cap just shy of $2 billion, placing it at #78 among the largest cryptocurrencies in the market. Additionally, as of this writing, its price had made some marginal recoveries and was 10.5% above its lowest level recorded only hours ago.
Pudgy Penguins’ PENGU Token and NFTs Plummet 50% Following Airdrop
The Pudgy Penguins ecosystem token, PENGU, launched on Solana this Tuesday, soaring into the top 100 cryptocurrencies by market cap. Millions of NFT holders and traders qualified for the airdrop. Despite the initial excitement, PENGU’s price has fallen sharply throughout the day. Pudgy Penguins NFT Suffers From the PENGU Airdrop Craze At the time of reporting, PENGU had dropped 57% from its launch price of $0.068, reflecting a significant sell-off. Surprisingly, the Pudgy Penguins NFT collection also experienced a similar decline. According to CoinGecko, the collection’s floor price fell to 17.2 ETH, even as daily sales spiked by 258%. Many users had aggressively bought Pudgy Penguins NFTs in recent weeks to qualify for the PENGU airdrop. Now, these buyers appear to be offloading their NFTs. Pudgy Penguins NFT Floor Price on December 17. Source: CoinGecko The sell-off has been widespread. Following PENGU’s launch on Binance, over 20% of the token supply has already been liquidated, amounting to approximately $9.3 million. The remaining tokens hold a value of $37.7 million. “The project’s associated wallets (or early investors) are selling large amounts on the chain! So far, $8.74 million worth of PENGU has been sold. The address HoTdB…YL8YZ received 888 million tokens from the token deployment address yesterday (before the airdrop claim), and sold 169 million tokens at $0.05164 in the past hour,” an on-chain analyst wrote on X (formerly Twitter). Airdrop sell-offs are common, as recipients often cash out profits quickly. However, PENGU’s decline has been unusually fast. If the sell pressure reduces and trading stabilizes, the price could eventually find a floor. This rapid drop mirrors a similar trend with Movement Network’s MOVE token, which fell by 50% last week after launching on Binance. Magic Eden’s ME token, also released recently, faced comparable challenges. Following a swift airdrop, 80% of claimers sold their entire allocation, causing a sharp price drop. Despite the decline, PENGU retains a market cap of over $1.8 billion. In contrast, Magic Eden’s ME token has a significantly smaller market cap of around $400,000. Meanwhile, Binance has been facing intense scrutiny for listing low-cap airdrop tokens and meme coins. The initial large-scale sell-offs from these tokens often lead to pump-and-dump concerns, and the largest crypto exchange has been criticized in the past few months for enabling such scenarios.
Magic Eden Now Compatible with BNB Smart Chain
This means that users can now use BSC to buy and sell NFTs . They can do so on Magic Eden’s Launchpad, Mint Terminal, and Marketplace. This is a big step forward for Magic Eden, as it opens the door for more people to join the platform and use different types of digital currencies. What Does This Mean? For those who are unfamiliar, the BNB Smart Chain is a fast and low-cost blockchain that’s perfect for NFTs. Magic Eden is now able to support this chain, allowing users to use BNB and other tokens that run on the BSC network. With this new addition, Magic Eden’s Launchpad, Mint Terminal, and Marketplace will now support BNB Smart Chain. This way, it will offer more choices for creators and collectors alike. So, whether you’re creating NFTs or looking to buy them, there’s now even more flexibility. Emmy’s excited to welcome BSC (BNB Smart Chain) to Magic Eden! BSC is now live on our Launchpad, Mint Terminal, and Marketplace. Welcome to Magic Eden @BNBCHAIN 💛 pic.twitter.com/aCLp3m80uv — Magic Eden 🪄 (@MagicEden) December 12, 2024 This update means that people who use BNB or have NFTs on the BSC network can now take full advantage of Magic Eden’s features. If you’re already familiar with Magic Eden, you know it’s a place where creators can launch new NFT projects and buyers can discover fresh digital art. More About Magic Eden Great news for its Vietnamese members! Magic Eden has created a special Telegram group just for you. The ME community is going global 🪄 For all our Vietnamese members, there’s now a Telegram group made just for you. Join below for the latest news, opportunity to win prizes and build with us. Stay tuned for more language channels to be added. pic.twitter.com/rnZ7O8xVKh — Magic Eden 🪄 (@MagicEden) December 11, 2024 By joining, you’ll stay up-to-date with the latest news. Also, get the chance to win exciting prizes and connect with others as we build together. Disclaimer The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
Magic Eden ecosystem upgrade: ME token incentive system launched, BSC integration helps cross-chain layout
Magic Eden is comprehensively upgrading its platform ecosystem, aiming to create "on-chain Binance" and support users to exchange on-chain assets. On December 11th, CEO Jack Lu announced the launch of a new incentive system around ME tokens. Users can earn ME token rewards through daily transactions and platform use, and launched an innovative ecosystem contribution mechanism that allows users to receive rewards even if they do not directly use platform products. At the same time, loyal users will enjoy an exclusive reward plan, and ME tokens have been integrated into an upgraded version of the existing incentive system, further enhancing the community's active level. On December 14th, Magic Eden announced that the integration of BNB Chain has been fully completed, supporting its Launchpad, Mint Terminal, and Marketplace products. CZ forwarded the relevant news, triggering high market attention to Magic Eden's cross-chain capabilities. Yesterday, co-founder Jack Lu stated on the X platform that the launch of ME token is just the beginning, and more plans are already underway. Through the upgrade of the Incentive Mechanism and multi-chain integration, Magic Eden is continuously consolidating its leading position in the on-chain trading market, providing users with a richer ecological experience.
Magic Eden Joint Creation: The launch of the ME token is just the beginning, there will be more plans in the future
Magic Eden co-founder and CEO Jack Lu tweeted, "Someone asked if I did anything special after the ME token was launched. Honestly, I didn't. I went back to day one and continued to refine and build. The launch of the ME token is just a beginning for us, we have planned much more, please stay tuned."
Discover Four Trending Altcoins Making Waves This December
HyperLiquid and AI6Z are emerging altcoins with innovative technology and strong market momentum, gaining widespread attention. Magic Eden’s ME token and Pudgy Penguins’ PENGU token show strong adoption, driving new trends in the crypto market. In his most recent video , “4 Hottest New Crypto Coins,” crypto influencer Lark Davis offered analysis of four newly discovered altcoins causing market excitement. Renowned for his knowledge of crypto trends, Davis highlighted altcoins that have lately become rather popular either because of creative technology, community energy, or special market placement. Davis began by stressing the market’s inclination for fresh and exciting tokens, noting that these tokens usually inspire investors looking for large profits. He did, however, warn viewers about the inherent dangers of crypto investing, pointing out that although some coins are doing well right now, the volatile character of the market calls for careful thought. 4 Altcoins Making Waves This December HyperLiquid: A Layer-One Blockchain Revolutionizing Perpetual Swaps The initial token under discussion was HyperLiquid, a layer-1 blockchain including a built-in decentralized exchange (DEX). Davis detailed its amazing debut into the market, where its token price jumped following its airdrop—an unusual pattern for airdropped coins, which typically see instantaneous sell-offs. The success of HyperLiquid is related to its strong decentralized system providing more than 100 perpetual swap marketplaces. Especially in trade volume, it lately exceeded dYdX, therefore establishing its dominance as the biggest decentralized perpetual exchange. HyperLiquid has drawn interest in the market with its creative tokenomics—including a USDC buyback-and-burn mechanism. Davis pointed out that although short-term adjustments are possible, its future seems to be one of more expansion. AI6Z: Pioneering AI Agent Development in Crypto Davis then presented AI6Z, a cryptocurrency designed as an AI agent development framework. Inspired by Andreessen Horowitz’s venture capital approach, AI6Z has become somewhat well-known in under two months thanks to its market cap of about $850 million. Davis underlined that AI6Z is a tool helping to create AI agents competent of autonomous decision-making and transaction execution, not only a meme coin. Trending on GitHub and drawing over 120 developers, AI6Z has become one of the fastest-growing projects in the crypto industry with a vibrant open-source community and increasing acceptance of its Eliza architecture. Magic Eden’s ME Token: Revolutionizing Cross-Chain NFT Trading The third token under discussion was Magic Eden’s ME token, connected to the top cross-chain NFT platform. Davis emphasized the recent token release on the platform, which offers consumers a rich airdrop. Establishing itself as a necessary component of crypto infrastructure, Magic Eden allows users to exchange NFTs across main blockchains. With a $650 million current market size and notable staking activity, the ME coin shows strong supply-demand dynamics. Davis noted the possibility for price hikes, especially considering the positive sentiment of the market and Magic Eden’s general popularity. Pudgy Penguins’ PENGU Token: Bridging Culture and Crypto Adoption At last, Davis looked at the forthcoming Pudgy Penguins PENGU token, a much-awaited release connected to the well-known NFT series, as we previously highlighted . Rising into a cultural phenomenon with millions of fans, Pudgy Penguins now represents crypto culture. Offering a significant airdrop to NFT holders and other community members, the PENGU token seeks to complement this popularity. Given its broad influence and ability to propel additional mainstream adoption of cryptocurrency, Davis projected that the token would become one of the main launches of 2025. Davis offered a fair analysis throughout the video, applauding the creativity and commercial potential of these altcoins while encouraging viewers to do extensive analysis and approach investments carefully. He urged his audience, as usual, to keep educated and make decisions consistent with their financial objectives.
OpenSea Cayman Islands registration fuels token airdrop rumors
Non-fungible token (NFT) marketplace OpenSea has sparked speculation of an impending token launch and user airdrop following its registration in the Cayman Islands. The news was shared on Dec. 14 by Waleswoosh, a pseudonymous researcher from the Azuki NFT collection, who posted a screenshot of OpenSea’s Cayman Islands registration. NFT community members have since speculated that the digital collectible platform plans to launch a cryptocurrency and conduct a token airdrop. Source: Waleswoosh On Nov. 4, OpenSea co-founder and CEO Devin Finzer announced that the NFT marketplace is planning a comeback. Although Finzer shared few details, he promised the revamped platform would be launched in December . At the time, some users speculated that an airdrop could be included. However, others, such as DappRadar’s communications manager “nederob,” considered an airdrop unlikely due to OpenSea’s United States-based operations. Related: NFT projects begin to give away ‘free’ company equity to holders Users anticipate OpenSea airdrop While OpenSea has not officially announced anything yet, users believe the Cayman Islands registration means the NFT platform will conduct an airdrop for its users. Matter Labs’ community manager “Golem” hopes the platform will reward its early users, saying OpenSea had the chance to turn everything around. Another OpenSea user shared the same sentiment, hoping the NFT platform would reward their loyalty. Source: Golem One user voiced concerns about whether the potential airdrop would account for the high trading volumes from 2021 and 2022 when the NFT market experienced billions in sales. The user speculated that OpenSea could follow the lead of competitors like Blur and Magic Eden, which issued tokens to incentivize and reward users. Top NFT marketplaces by trading volume. Source: DappRadar OpenSea has made previous attempts to win back users from rival NFT marketplaces. On Feb. 18, the platform implemented zero fees in an effort to regain lost ground to Blur. However, Blur continues to dominate NFT trading volumes, followed by OpenSea and OKX. Blur’s entry into the market was accompanied by an airdrop system, where users could earn tokens whenever a trading season ended. In 2023, a user earned up to $11 million in Blur tokens after the NFT marketplace distributed airdrop rewards for its second season. Magic Eden also followed Blur’s strategy, promising an airdrop for its users. However, the token instantly plummeted as it launched . On Dec. 11, the platform’s ME token rallied to $13.10 before falling by almost 70% as users complained about the claiming process and bugs in the project’s mobile application. Cointelegraph reached out to OpenSea for comment but did not receive a response by publication. Magazine: VonMises bought 60 CryptoPunks in a month before the price spiked: NFT Collector
Magic Eden Joint Creation: The ME token is just the beginning, there are more plans to follow
On December 15, Jack Lu, co-founder and CEO of Magic Eden, posted on the X platform saying: "Someone asked if I did anything special after the ME token went live. Honestly, I didn't. I returned to day one and continued to hone and build. The launch of the ME token is just a beginning for us; we have planned much more. Please stay tuned."
Why is Bitcoin superior to gold in every way? Saifedean Ammous explains
American economist Saifedean Ammous argues that Bitcoin is superior to gold because it has a fixed supply, is digital, and is not controlled by governments, making it a better store of value and a solution to inflation and debt issues in today’s financial systems. Ammous, author of The Bitcoin Standard, argues in a recent interview that Bitcoin is superior to gold. He believes Bitcoin is a revolutionary form of money. Its fixed supply and decentralized nature make it more reliable than gold. Bitcoin vs. gold Ammous explains that while gold has historically been used as money due to its scarcity and store of value properties, Bitcoin has taken these qualities to a new level. “Gold has been used for 4,000 years because it stores value well. But the problem with Gold is that it’s not as scarce as Bitcoin,” Ammous states. “The annual increase in gold supply is around 1.5% to 2%, whereas Bitcoin’s supply is capped at 21 million, and its annual supply growth rate is even lower—about 0.8% during its current four-year period,” he added. See also Magic Eden’s ME token plummets post-launch as app issues ensue One of the advantages Bitcoin has over gold is its fixed supply, which is set in stone. “There’s only ever going to be 21 million Bitcoin. That’s it. It’s a simple fact, and no other form of money can claim such a property,” Ammous continues. This scarcity makes Bitcoin a somewhat deflationary asset, unlike fiat currencies that governments can print in unlimited quantities. Ammous believes this unique property makes Bitcoin a much stronger store of value compared to gold or any government-issued currency. Another key difference is how Bitcoin operates. While gold relies on physical storage and transport, Bitcoin is purely digital, meaning it can be transferred and stored globally without needing physical handling. “Bitcoin is just software. It doesn’t require a legal framework that is tied to government-backed currencies. It’s decentralized and automated,” Ammous points out. He contrasts this with fiat money, which is deeply intertwined with government control and monetary policy. Why Bitcoin is the future of money Ammous also highlights the importance of Bitcoin’s ability to prevent inflation. Unlike fiat currencies, which lose value over time as central banks print more money, Bitcoin’s fixed supply makes it impervious to inflationary pressures. “In the world of fiat, governments continuously increase the supply of money, which leads to a decrease in its value,” he explains. “In the case of Bitcoin, no one can just print more. It’s a money that cannot be inflated.” See also Crypto fund ads identified on Alipay's homepage amid Chinese Crypto ban Ammous stresses the issue of debt in today’s financial systems. “Fiat money is built on the concept of debt. Every time the government needs more money, they increase the currency supply, essentially creating more debt,” he states. This creates a cycle of borrowing and inflation that benefits the government but harms everyday citizens who watch their savings lose value. In contrast, Bitcoin provides a way out of this system. “With Bitcoin, you don’t need to be in debt to participate in the economy. It’s a form of money that doesn’t require borrowing or printing,” he says. The economist believes that Bitcoin’s technological advantages and fixed supply make it the ideal money for the modern age. “Bitcoin is a form of money that is more scarce, portable, and secure than gold,” he concludes. “It offers a solution to the problems caused by fiat currencies and offers a future where money is no longer tied to government debt and manipulation.” With more people realizing Bitcoin’s revolutionary potential, its value continues to rise as a monetary asset that will outlast and outperform gold in the coming years. A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.
Recently Launched Altcoin Nosedives After Major Airdrop
A recently launched altcoin has struggled to maintain price stability following its highly anticipated airdrop, with 75% of the 125 million distributed tokens already claimed. Magic Eden (ME), the project behind the token, saw a surge of activity within the first hour, during which over 60 million tokens were claimed . The remaining 25% are expected to be gradually claimed in the coming days, likely minimizing the risk of sudden sell-offs that could heavily impact the token’s value. Wallet data reveals that nearly 80% of claimants have sold their entire allocation, using the airdrop as an opportunity for short-term liquidity. Of the 133,888 wallets that participated, only 8.3% have chosen to retain all their tokens, and less than 1% of participants opted to buy more ME after the airdrop. This highlights limited enthusiasm for the token as a long-term investment. Currently, ME’s price hovers near critical support levels. A breach below $4 could spark further declines, while holding above this level might signal a potential recovery. Resistance at $4.69 and $5.10 remains a challenge, and overcoming these barriers will be crucial for any upward momentum. READ MORE: Argentina’s President Proposes Bitcoin Integration and Tax Reform The airdrop’s mixed reception underscores the difficulty of sustaining long-term engagement after such events. Magic Eden now faces the challenge of fostering renewed interest and demonstrating value to investors, which will be key to stabilizing and improving the token’s market performance.
Coinbase Expands Its Offering with Three New Altcoins
Coinbase, one of the leading crypto exchanges in the U.S., has expanded its asset offerings by adding three new digital tokens, including a trending memecoin. Gigachad ( GIGA ), built on the Solana blockchain, has garnered attention thanks to its association with Russian bodybuilder Ernest Khalimov’s photo series. The token surged by over 39% following its listing on Coinbase, rising from $0.04911 to $0.06844. Currently valued at a market capitalization of $657.9 million, Gigachad ranks as the 183rd largest crypto project. In addition to GIGA, Coinbase introduced Magic Eden (ME), a utility token tied to the Solana-based NFT marketplace Magic Eden. ME allows users to list and sell NFTs on the platform, earning tokens through transactions. READ MORE: Binance Unveils New Blockchain Project on Launchpool Lastly, the exchange listed Turbo ( TURBO ), an Ethereum -based memecoin inspired by a toad character, created with GPT-4. Turbo’s community celebrated its Coinbase debut with an enthusiastic message on social media, calling the token a “symbol of power and community-driven potential.”
Bitcoin holds strong above $100k as corporate executives offload stocks
Bitcoin continues to show remarkable resilience, trading above the $100,000 mark despite a record sell-off by corporate executives in traditional markets. The largest crypto by market cap absorbed potential profit-taking and maintained its momentum. We see strong demand and renewed investor confidence behind the market activity. Fresh capital inflows appear to be fueling the surge, with Bitcoin weathering price dips that barely last a day. Bitcoin above $100k as it absorbs potential profit-taking Bitcoin’s performance remains strong after hitting the much-awaited record high of $100K. At press time, BTC is trading above the level after touching a 24-hour high of $102,528, as per CoinGecko data on Friday. IntoTheBlock data reveals that 99% of holders are in profit at the current price. What is noteworthy is the Bitcoin price strength despite volatility in traditional financial markets. Data from blockchain analytics firms also underline that 71% of Bitcoin holders have held their assets for over a year, again showcasing a long-term conviction. Fresh capital appears to be a key driver behind Bitcoin’s resilience. CryptoQuant’s Ki Young Ju previously explained “fresh capital” as the reason behind sustained price momentum. Additionally, transaction volumes for transfers greater than $100,000 have exceeded $233 billion over the past week, which can only mean one thing— institutional interest. See also Magic Eden’s ME token plummets post-launch as app issues ensue Stocks see high sales in 6:1 ratio While Bitcoin soars, corporate executives are selling stocks at record levels. According to The Kobeissi Letter on X, the ratio of stock sellers to buyers has hit a staggering 6:1. This could indicate executives capitalizing on high valuations or repositioning their portfolios in either light of economic uncertainties or overvaluation. Despite this, Bitcoin remains largely unaffected with minor profit-taking in 24 hours and a rather quick recovery. The Kobeissi Letter suggests that Bitcoin had a quick recovery from recent price dips—lasting less than a day for drops of over 5% since November 5th. Bitcoin Liquidations | Source: Coinglass Bitcoin is touching a YTD of 140% as year-end investor confidence continues. Coinglass data reveals that in the past 24 hours, $36.59 million in longs were liquidated. This indicates that price drops caught many by surprise, while $14.37 million in shorts were liquidated, reflecting some recovery. Land a High-Paying Web3 Job in 90 Days: The Ultimate Roadmap
Magic Eden Price Prediction: ME Plummets 62% In A Week As This Crypto Wallet Token’s ICO Closes On $4 Million
The Magic Eden price has plummeted 62% in the past week and 15% in the last 24 hours to trade at $4.26 as of 7:05 a.m. EST on a 20% drop in trading volume to $965 million. Magic Eden Price: Bulls Gear Up For A Potential Rally The Magic Eden price is consolidating around the $4.20 level, indicating a support zone that has been tested multiple times. This could suggest demand. This support level is important for the price action, as a failure to hold could lead to a decline. On the upside, the 50-period Simple Moving Average (SMA) on the 15-minute chart, currently at $4.251, acts as short-term resistance, while the 200-period SMA at $4.827 represents a more significant resistance level. MEUSDT Analysis Source: Tradingview A breakout above the consolidation zone could trigger an upward movement, with the next target around $4.40 and further resistance potentially at $4.60. The Relative Strength Index (RSI) is at 50.43, reflecting neutral momentum. The slight upward movement suggests some buying pressure but not enough to confirm a bullish trend. Magic Eden Price Consolidates Below Key Trendline The descending trendline from previous highs indicates a bearish channel. Still, the recent flattening suggests the selling pressure is easing, and a potential breakout above the trendline could signal a reversal to the upside. Looking at the SMAs, the 50-period SMA is below the 200-period SMA, indicating that the broader market sentiment is still bearish. However, if the price moves above the 50-period SMA, it could attract short-term buyers. For a bullish scenario, a breakout above $4.25 would likely lead to a rally towards $4.40–$4.60. However, this would require confirmation from increasing volume and the RSI rising above 60. On the other hand, if the price fails to hold the support at $4.20, it could fall toward $4.00 or lower, especially if the broader market remains weak. The chart indicates a potential reversal from the current consolidation, but a breakout above $4.25 is crucial for confirming upward momentum. Monitoring volume and the RSI will be key to gauging the strength of the next price move.
Magic Eden (ME) Price Drops to All-Time Low as 80% of Claimers Already Sold Their Coins
Magic Eden (ME) price has struggled following its airdrop, with 75% of the 125 millions tokens already claimed. Most of the activity occurred in the first hour, with over 60 million tokens claimed, while the remaining 25% is expected to be claimed gradually without major price disruptions. Roughly 80% of claimers have sold their entire allocation, and only 8.3% are holding all their tokens, signaling limited long-term interest among recipients. As ME hovers around key support levels, its ability to hold $4 or break through resistances at $4.69 and $5.10 will define its next price movement. Users Claimed 75% of the ME Available Out of the 125,000,000 ME tokens distributed in the airdrop, around 94,000,000 have already been claimed. That accounts for 75% of the total supply. As expected, the initial surge of activity saw over 60 million tokens claimed within the first hour. ME Total Tokens Claimed per Hour. Source: Dune. The remaining 25% of tokens are likely to be claimed gradually over the coming days, as most recipients who were eager to sell or use their tokens have likely already done so. This slower pace of claims reduces the likelihood of sudden sell-offs that could significantly impact ME’s price. As a result, the unclaimed portion is expected to have minimal influence on ME price. Roughly 80% of Claimers Already Sold All Their ME So far, 133,888 wallets have claimed ME tokens, with 108,070 wallets—roughly 80%—selling their entire allocation from the airdrop. When including wallets that sold at least 25% of their tokens, the figure rises to 121,617, or 90% of all participants. ME Claimers Details. Source: Dune. Only 11,175 wallets, or 8.3%, have chosen to hold all their airdropped ME. Just 1,276 wallets—representing 0.95%—bought additional ME after receiving their coins, in one of the most awaited airdrops in the Solana ecosystem for this year. This suggests that while there is limited enthusiasm for accumulation post-airdrop, most participants treated the event as a short-term liquidity opportunity rather than a long-term investment. ME Price Prediction: Can It Go Back to $5? If the current downtrend persists, Magic Eden price could test $4 as the next significant support level. A break below this level might signal further weakness, potentially leading to extended selling pressure. However, $4 will likely provide a strong floor, and staying above it could prevent deeper declines in the near term. ME Price Analysis. Source: TradingView On the other hand, if positive momentum emerges, Magic Eden could rebound and test the $4.69 resistance level. Breaking through this resistance could pave the way for a rise to $5.10. If that happens, ME has the potential to reach as high as $5.72 if buying activity intensifies. These resistance levels will likely play a critical role in determining whether ME can regain a strong upward trajectory.
Magic Eden supports BNB Smart Chain
Foresight News reports, Magic Eden has announced on X the addition of BNB Smart Chain support, which is now live on its Launchpad, Mint Terminal and Marketplace.
Magic Eden announces support for BNB Chain
According to official sources, Magic Eden has announced its support for BNB Chain. BNB Chain is now available on Magic Eden's Launchpad, Mint Terminal, and Marketplace.
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