Magic Eden's ME Token Airdrop Faces Technical Issues and Security Concerns

The NFT marketplace's $5 billion token launch experienced high demand, price volatility, and user complaints over its claim process.

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.