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The ME Foundation will launch its Solana-based ecosystem token—ME, which is aligned with leading NFT marketplace Magic Eden—on December 10, a representative told Decrypt.
The airdrop, which traders anticipate may be worth more than $500 million based on pre-market trading prices, will reward users of Magic Eden’s Bitcoin exchange and cross-chain NFT marketplace. The token will be claimable exclusively through the Magic Eden Wallet app.
Specifics regarding the conversion of Magic Eden Diamonds, the platform’s existing rewards program, to the ME token have not been revealed. However, the spokesperson said that allocations are expected to be based on factors such as “organic” trading activity, cross-chain trading, and “loyalty” or historical use of eligible platforms.
Magic Eden Traders Set to Receive $312 Million Worth of ME Tokens in Airdrop
The ME Foundation announced details Monday for the upcoming ME token airdrop, which will reward users of Magic Eden’s Bitcoin exchange and cross-chain NFT platform. At launch the community is set to collectively receive 12.5% of the total ME supply of 1 billion Solana-based tokens, or 125 million tokens—currently estimated to be worth $312 million based on the current pre-market price at Whales Pro. The pre-market ME price of $2.50 represents a 233% gain in the last 24 hours on about $193,000 in...
While users will not find out their allocations until December 10, they will be able to check their eligibility for the airdrop in the days before the claim using a tool that will be released by the ME Foundation.
When the claim officially opens on December 10, 12.5% of the total 1 billion ME supply (125 million tokens) will be immediately unlocked and offered to eligible Magic Eden users to claim. An additional 22.5% of the supply, or 225 million ME tokens, will be set aside to incentivize future use of ME Foundation protocols and related platforms.
Bitcoin Meme Coins Surge as BTC Rises Towards $100K
Bitcoin-based meme coins are seeing renewed interest amid the asset’s record-setting climb, lifting the price of various Runes tokens launched alongside the protocol’s debut this year. Over the past week, the price of DOG•GO•TO•THE•MOON (DOG) has increased 98%, rising to $0.0078 Thursday, according to Magic Eden. With a market capitalization of around $767 million, the asset is among the most widely adopted Runes, with over 95,000 different holders. Developed by the creator of Ordinals, Casey R...
The ME token has jumped up to $4.50 in pre-market trading via Whales Market, though trading volume has subsided since additional token details were announced on Monday. At that price, the ME airdrop would reward users with over $562 million on claim day. Coinbase's pre-market trading platform puts the price lower at $3.41, however.
Magic Eden started as a Solana NFT marketplace, but has since grown to become the leading Bitcoin Runes and NFT exchange while maintaining the highest market share among all NFT marketplaces in the last six months according to data from Tiexo.
Edited by Andrew Hayward
