Overview

• Magic Eden launched its ME token airdrop on December 10, 2024, with an initial fully diluted valuation of $15 billion, later stabilizing around $5 billion.
• The launch saw significant price volatility, with the token's market cap briefly surpassing $1.6 billion before falling below $1 billion within minutes.
• Users faced widespread technical issues during the claim process, including app errors and confusing requirements, which led to frustration among participants.
• Security experts raised concerns over the Magic Eden wallet's atypical practices, including storing private keys and recovery phrases digitally, potentially exposing users to risks.
• Despite the challenges, over 70,000 users claimed nearly 69 million tokens within the first hour, and major exchanges like Coinbase and Binance listed the ME token on launch day.