Early traders of NFT marketplace Magic Eden’s new token ME had a lot to be thankful for – if they could access their airdrops, that is.
In the first minutes of trading Tuesday, the token’s fully diluted valuation hit $15 billion. But as more claimants managed to process their airdrops – and in some lucky cases, sell – that valuation began to crater. It eventually settled at an FDV around $5 billion.
ME’s rocky rollout stood in sharp contrast to other recent token launches. Hyperliquid’s HYPE token immediately went parabolic after launching in late November. And Move’s days-old MOVE token had a far more stable rollout – even shooting up at times.
Some observers saw ME’s down-only price action as comeuppance for a crypto project whose airdrop processing procedure was highly atypical, and, according to three industry insiders, threatened to breach security best practices.
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Author: Danny Nelson
