- Magic Eden token launch marred by app glitches and confusing claiming process, frustrating many users.
- ME token experienced volatile trading, debuting at $6.70, peaking at $13.10, and falling to $4.30 before partial recovery.
- Airdrop distributed 125 million tokens, part of a 1 billion total supply for community and contributors.
Magic Eden, a major platform for non-fungible tokens (NFTs), launched its native token, ME, on December 10, only to face widespread criticism over technical glitches and a confusing claiming process. The token debuted at $6.70, briefly surged to $13.10, and then dropped sharply to $4.30, according to data from DexScreener. By the time of publication, ME had partially recovered to $8.60.
Users Voice Frustrations Over Glitches
The token’s release, accompanied by an airdrop, was hindered by issues with Magic Eden’s mobile app, which users described as buggy and hard to use. Claimants were required to download the app, scan a QR code on a desktop device, link wallets, and then claim their tokens—a process many criticized as overly complicated.
Social media posts reflected user dissatisfaction, with some stating they were unable to claim their tokens due to app malfunctions or website downtimes. Others were confused about whether claims could be completed on mobile devices alone or also on desktops. Magic Eden resolved the technical issues a few hours after the launch, but by then, the frustration had already been voiced by many.
ME Tokenomics and Market Activity
The ME token is supported by the Magic Eden Foundation and has a total supply of 1 billion tokens. Of this, 12.5% was allocated for the airdrop, while 50% is reserved for community incentives and 37.5% for contributors and strategic participants.
At the time of publication, the token had a market capitalization of $776 million and a fully diluted valuation of $5.9 billion, reflecting its potential despite the rocky start. As Magic Eden works to stabilize user sentiment, the token’s volatile trading and reception highlight the challenges of launching in the competitive crypto space.
