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Highlights
- Magic Eden launched the ME token with a massive crypto airdrop, distributing 125M tokens.
- The eligible users claimed 92.3M ME tokens on the first day, but the remaining users can claim till February 1, 2025.
- ME token price surged to $25 before crashing 80% amid rising volatility and security concerns.
Magic Eden has earned its name in the Non-Fungible Token industry, where it allows users to create, buy, and sell NFTs on the platform itself. It is mainly regarded as ME and has launched its native token with the same name, creating significant hype among investors. The Magic Eden airdrop and TGE were completed around two days ago, making the ME tokens are available to trade.
With the team bringing together the NFTs and the crypto industry, this airdrop is among the biggest crypto airdrops of 2024. Interestingly, the team has also released the token claiming timeline and process.
$ME claim starts at 2 PM GMT on December 10th 📌
🚨 Reminder: watch out for scams. Only engage & click links from official Magic Eden accounts (badged) & @MEFndn pic.twitter.com/cNvdcoki63
— Magic Eden Wallet (@MagicEdenWallet) December 9, 2024
Magic Eden Airdrop Controversy & Security Concerns
Magic Eden airdrop has already gone live, with the ME token listings on two of the most popular crypto exchanges list, Binance and Coinbase. The earlier CoinGape news revealed that this ME airdrop led to the distribution of 125M ME worth billions. In this, 92.3M ( $465.8 million) was claimed on the first day itself, which is 73.9% of the total allocation.
However, the process was not entirely smooth, as the participants faced issues with the Magic Eden app. The main complaints were about the difficulty of navigating the platform and glitching. Some even face delays and unnecessary time consumption, ruining their Magic Eden airdrop experience.
Some industry experts even raise concerns about security issues, claiming that the ME airdrop claim process is atypical. Unlike most crypto airdrops, which share tokens in users’ preferred wallets, Magic Eden eligibility criteria require users to download their crypto wallet. Although that was to popularise their wallet, not every user was excited.
More importantly, CoinDesk explained that to receive the Magic Eden airdrop, interested users had to choose between importing their keys to the Magic Eden wallet from their qualifying wallet or creating a new one on the Magic Eden app. Both these processes are tedious, but a new crypto wallet might bring security issues as it creates a privacy-busting link between previously unaffiliated wallets.
Additionally, analysts mentioned that the ME wallet backs up the user’s recovery phase and the private keys, with no way to delete the information, which is concerning. However, they also mentioned that this makes it more user-friendly but raises security concerns.
Interestingly, amid these issues and challenges, the ME token price surged to $25 moments after the launch on exchanges. However, the same plummeted 80% to $5 in the next few hours due to sell-offs and unnecessary complexities. The token is still consolidating, currently trading at $4.84 with a market capitalization of $632.79M and trading volume of $1.07B.
How To Claim ME Tokens?
Amid the security concerns around the Magic Eden airdrop, the eligible candidate can claim their tokens till February 1, 2025. Additionally, the unclaimed tokens will be distributed among the stakers. The official announcement states that the claimers need to follow the following steps to access their tokens: –
Today’s the day you’ve been waiting for. $ME is here.
Don’t guess — Watch this video below and learn how to claim in mere minutes.
You have until February 1st 2025 to claim, any unclaimed tokens will be distributed to stakers.
More info on this later. pic.twitter.com/NWFmnCaSEv— Magic Eden 🪄 (@MagicEden) December 10, 2024
- The first step for claiming the ME token is downloading the Magic Eden wallet and linking their account.
- Next, the users need to open the wallet and click on the banner, saying, ‘Claim ME now!’
- The next screen will open on the confirmation eligibility page, which displays the eligibility. If the person is eligible, they can click on the proceed button to access the Magic Eden airdrop tokens.
- The next screen will showcase the allocated ME token. To claim, click on ‘Claim Your Tokens.’
- After proceeding, the user needs to select a transaction fee and click on ‘Claim Token’
- Sign the transaction to receive the ME airdrop token on the Magic Eden Wallet.
Bottom Line
At the time of writing, Bitcoin price is gaining strength with the recovering investor’s sentiments. It is currently trading at $101.6k, but the Magic Eden token is facing volatility. Due to this, the ME token price has dropped 57% since its launch. However, that is one of the consequences of the crypto airdrops, which often create mass sell-offs and price drops. Interestingly, a controversy has surrounded the Magic Eden airdrop due to security concerns. The airdrop claiming steps require the eligible candidate to download the Magic Eden wallet but to make it more service-friendly, it stores users’ recovery phase and private keys, which is concerning for investors.
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