As a seasoned crypto investor with a knack for sniffing out lucrative opportunities, I must admit, the Magic Eden airdrop was a rollercoaster ride that left me both exhilarated and frustrated. The potential for substantial gains was undeniable, but the execution left much to be desired.
The popular non-fungible token (NFT) marketplace Magic Eden has seen the ME Foundation recently launch its ME token via an airdrop to the platform’s users. One airdrop farmer, according to blockchain data, managed to make over $2 million through it via 1,350 wallets.
As per information from Lookonchain, an on-chain analysis platform, an airdrop collector successfully obtained approximately 398,399 ME tokens valued at around $2.14 million through their 1,350 wallets. These tokens were then sold for a profit of roughly $477,000 on a decentralized exchange at $8.68 per token. The rest of the tokens were moved to the prominent cryptocurrency trading platform Binance, suggesting they may have also been sold there.
An #airdrop hunter claimed 398,399 $ME($2.14M) via more than 1,350 wallets!
So far, 54,930 $ME($477K) has been sold via DEX at an average price of $8.68, while the remaining tokens have been transferred to #Binance.
— Lookonchain (@lookonchain) December 11, 2024
The Magic Eden airdrop was eagerly awaited by many participants, as they hoped to receive substantial benefits since early market transactions indicated that each token might trade near $5 before the airdrop took place.
The data indicates that following the airdrop, the token’s price spiked temporarily up to $13. However, individuals who received the airdropped tokens soon started offloading them for SOL and stablecoins, leading to a significant drop in its value. Currently, the cryptocurrency is trading at around $5.14.
As a seasoned crypto investor with years of experience under my belt, I must say that I am thoroughly excited about the Magic Eden Game (ME GE) going live! Having learned the hard way that missing out on opportunities in this fast-paced market can be costly, I urge everyone to take action today and claim their $ME tokens.
— $ME (@MEFndn) December 10, 2024
As an analyst, I must admit that the airdrop received substantial criticism due to its perceived complexity. The process for claiming tokens was quite intricate, requiring several steps. Users were instructed to download the Magic Eden Wallet mobile application, deposit at least $10 into it, and then utilize a QR code to connect their mobile wallet with their desktop. Only then could they access and claim the funds through the mobile app.
On Magic Eden, an influx of traffic led many users to encounter error messages while attempting to collect their tokens. Some users alleged that the platform erroneously informed them they had previously claimed the airdrop, despite not having done so yet.
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2024-12-12 02:26