Key Points

• Binance listed Magic Eden’s ME token a few minutes ago.
• After users encountered token allocation issues, the team at Magic Eden released a Community Update.

Magic Eden, the multi-chain NFT marketplace, saw its ME token launch today. Earlier, Binance also announced the listing of ME token with the Seed Tag applied. OKX Futures also listed ME.

ME’s Market Cap Dropped Since Listing

Since its listing on exchanges about an hour ago, ME’s market cap dropped from a top of $1.6 billion to current levels of around $586 million.

ME’s price reached $12.22 and then dropped to current levels of $4.5, down by over 60% since launch.

The total supply of the token is 1 billion ME, and the circulating supply is 130.74 million ME tokens.

Earlier, Binance revealed that trading would open at 15:00 (UTC) for 4 pairs: ME/BTC, ME/USDT, ME/FDUSD, and ME/TRY. The exchange also said that withdrawals would open tomorrow at 15:00 (UTC).

So far, ME had a descendant trajectory since its earlier launch.

On X, the team behind Magic Eden announced that today is the day that everyone’s been waiting for and ME token is here.

Magic Eden’s ME Token Launch

The team shared a video that teaches users how to claim tokens. Magic Eden also told users that they have until February 1st, 2025 to claim their tokens.

Unclaimed tokens will be distributed to stakers, according to the announcement.

Following the announcement, some users encountered issues.

ME User Token Allocation Issues

Someone said that there had been a problem with their request and the claim hadn’t started yet.

Another user, rikky, said that he didn’t claim anything, and there are no tokens in his wallet, but he got a message saying “Tokens claimed.” The message also told him to stake tokens for a longer period to enjoy bigger multipliers on ongoing rewards.

Someone got another error message telling them to update their iOS:

Another user said that he received a host error, to which the team at Magic Eden replied with a Community Update, saying that the ME Allocation Appeals are now live.

Magic Eden Allows Appealing and Correcting ME Allocations

The message said that after the community feedback, the Magic Eden team decided to allow users to appeal and correct their ME Allocations.

What is Magic Eden (ME)?

Magic Eden is a multi-chain NFT marketplace, and the ME token is powering the on-chain platform economy. ME is the platform’s official token, representing the largest community of on-chain users who can earn ME for trading all assets on all chains.

Magic Eden announced their TGE claim via X yesterday.