Magic Eden (ME) Price Drops to All-Time Low as 80% of Claimers Already Sold Their Coins

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As a seasoned crypto investor with battle-hardened instincts and a portfolio that has weathered countless market storms, I find myself watching Magic Eden (ME) with cautious optimism. The 75% claim rate of the tokens is certainly an interesting development, but the subsequent selling spree leaves me slightly skeptical about its long-term potential.

The price of Magic Eden (ME) has faced difficulties post its airdrop, as approximately three-quarters, or 93.75 million tokens out of the total 125 million, have already been claimed. The majority of these claims took place within the first hour, resulting in over 60 million tokens being distributed, while the remaining 25% is anticipated to be claimed gradually, with minimal significant impact on the price.

Approximately 80% of the recipients have already sold off their entire allotment, while only about 8.3% are still holding onto all their tokens. This suggests that there’s relatively low long-term engagement among those who received it. As for ME, its price action is currently being influenced by its proximity to crucial support levels. Whether it can maintain $4 or push past resistances at $4.69 and $5.10 will significantly impact its next price trend.

Users Claimed 75% of the ME Available

Approximately 94 million ME tokens out of the 125 million distributed in the airdrop have already been claimed, which represents about 3/4 of the entire token supply.

Just as anticipated, the first hour witnessed a flurry of activity that led to more than 60 million tokens being claimed.

Approximately a quarter of the tokens are expected to be claimed bit by bit over the next few days, as it’s likely that those eager to sell or utilize their tokens have already done so. This gradual pace of claiming minimizes the chance of sudden token sales which could potentially cause a significant drop in ME’s price.

As a result, the unclaimed portion is expected to have minimal influence on ME price.

Roughly 80% of Claimers Already Sold All Their ME

To date, approximately 133,888 wallets have received ME tokens through an airdrop. Out of these, around 108,070 wallets, or about 80%, have chosen to sell their entire allotment.

If we consider wallets that have sold a minimum of 25% of their tokens, the total number increases to approximately 121,617, which accounts for about 90% of all involved parties.

Approximately 8.3% (11,175) of wallets decided to keep all the airdropped ME tokens they received. On the other hand, merely 0.95% (1,276) of wallets opted to purchase additional ME tokens following their initial distribution, making it one of the most anticipated airdrops in the Solana ecosystem this year.

As a crypto investor, it seems that although I might have initially felt excited about the airdrop, my focus shifted more towards seizing the short-term liquidity potential instead of viewing it as a long-term investment opportunity. This is based on the general vibe I’ve picked up from fellow participants in this event.

ME Price Prediction: Can It Go Back to $5?

Should the ongoing downward trend continue, Magic Eden’s price may encounter $4 as a potential strong floor for support. If it falls beneath this point, it could indicate additional vulnerability, possibly triggering increased selling activity that could extend over time.

In simpler terms, having around $4 should offer good support, and maintaining this level might help avoid further significant drops for now.

Conversely, should favorable trends develop, Magic Eden might recover and challenge the $4.69 resistance point again. Overcoming this barrier could open a path towards $5.10. In case of such an occurrence, Magic Eden (ME) could potentially soar as high as $5.72 if buying interest escalates further.

It’s quite possible that these resistance points will be crucial in deciding if ME will continue its robust ascent.

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2024-12-14 00:38