Magic Eden’s ME token has been on the rise since users reported app issues
Magic Eden's fledgling token rose in value upon release as users of the non-refundable token (NFT) platform complained about the mobile app and overly complicated claim process, among other issues.
The platform's eponymous token, Magic Eden (ME), debuted at $6.70 on December 10 and briefly rose to $13.10, falling 67% to a low of $4.30, according to DexScreener data.
The price of ME has risen significantly since then and is now trading above $8.60 at the time of publication.
Magic Eden's native ME token has taken a beating following its airdrop. Source: DexScreener
The airdrop was marred by complaints from users, who described the token claim process as overly complicated and the Magic Eden mobile app — essential to the claim process — was clunky and difficult to navigate.
“My app is stuck, I can't claim it, people are dropping me like hotcakes. Awesome,” one user wrote in a Dec. 10 X post.
“I don't understand why this is so complicated,” wrote another.
There was confusion among users as to whether the tokens would only appeal to desktop or mobile.
“Can you only claim on mobile? Or can I claim on desktop? Mobile shows non-clickable ‘claim now' and desktop only shows ‘cash now',” asked a user on X in response to Magic Eden.
To claim ME, users are prompted to download the Magic Eden mobile app, scan a QR code on a desktop device such as a laptop, link their eligible wallets, and then claim their assigned airdrop.
Today is the day you have been waiting for. $ME is here.
Guess not – watch this video below and learn how to apply in just a few minutes.
Any unclaimed tokens you have until February 1, 2025 to claim will be distributed to stakeholders. More on this later. pic.twitter.com/NWFmnCaSEv
— Magic Eden 🪄 (@MagicEden) December 10, 2024
I'm giving up 50% of my $ME airdrop to never use this f*cking mobile app again.” joked anonymous crypto user wale.moca in a post by X on Dec. 10.
Source: wale.moca
There have also been many complaints that the AirDrop Claims website has experienced downtime – possibly due to the sheer volume of traffic as claimants rush to grab their promised ME tokens.
RELATED: Magical Eden faces complaints over US service separation
Magic Eden notified users three hours after the claim went live, saying the issue had been resolved.
ME tokenomics
The ME token released by the platform sponsor Magic Eden Foundation has a total supply of 1 billion, and 125 million tokens have been made available to users of the NFT platform by February 1 next year.
Of the total 1 billion supply, 12.5% is allocated to airdrops, 50% is set aside for community incentives, and the remaining 37.5% is allocated to contributors and strategic participants.
At the time of publication, the ME token had a total market capitalization of 776 million dollars and a fully diluted value (FDV) – the value of the token multiplied by the total unreleased supply – 5.9 billion dollars.
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