A cryptocurrency launched by NFT market Magic
Eden made a dramatic debut yesterday (Tuesday). It captured consideration with
its preliminary surge in value, solely to plummet shortly after. Customers keen to assert their
airdrops confronted a collection of irritating hurdles, together with an unstable cellular app and an advanced claiming course of.
A Difficult Begin for the ME Token
The ME token launched at $10 and instantly jumped to
an all-time excessive of $12.2 earlier than tumbling to $4.4. This drastic change represents a 64% drop. The value was then confined to a variety of $4 and $8. On the time of publication, it had recovered to $5.26.
Apart from the value volatility, the debut was additionally
affected by person complaints. One concern was the claiming course of, which
required customers to obtain Magic Eden’s cellular app, scan a QR code on a desktop
gadget, hyperlink their wallets, after which declare their allotted airdrop.
As we speak’s the day you’ve been ready for. $ME is right here.Don’t guess — Watch this video beneath and learn to declare in mere minutes.You could have till February 1st 2025 to assert, any unclaimed tokens will probably be distributed to stakers.Extra information on this later. pic.twitter.com/NWFmnCaSEv
— Magic Eden 🪄 (@MagicEden) December 10, 2024
The platform’s cellular app was reported to be troublesome
to navigate, irritating customers who struggled to finish the method. Magic
Eden’s cellular app, a device for claiming the ME token, was one of many
greatest factors of frustration.
Technical Failures
Customers reported that it was vulnerable to crashes, which
compounded the already advanced claiming process. There was additionally confusion about whether or not the token may
be claimed through desktop, with some customers not sure if they’d to make use of a cellular
gadget completely.
Regardless of the challenges at its launch, Magic Eden’s ME
token ranks #140 on CoinMarketCap with a market cap of $680 million. Its worth
is up 13% previously day, and its buying and selling quantity previously 24 hours was $4.85 billion.
ME has a circulating provide of 130 million out of a
whole most provide of 1 billion ME tokens. Magic Eden is an NFT market
the place creators and collectors can have interaction with non-fungible tokens. The ME token, which now powers the platform’s
cross-chain capabilities, goals to foster a extra decentralized and
community-driven ecosystem.
NFTs are completely different from cryptocurrencies reminiscent of Bitcoin, that are fungible in nature or will be exchanged one-to-one. NFTs are usually not fungible, however every token is exclusive and represents proof of possession for digital and bodily property. Then again, cryptocurrencies are used for transactional functions.
This text was written by Jared Kirui at www.financemagnates.com.