The pre-market price of the ME token is rising, bringing the potential value of the airdrop for traders on Magic Eden to over $300 million.
The ME Foundation has announced details of the upcoming ME token airdrop, with rewards for users of the Bitcoin exchange and the multi-chain Non-Fungible Token platform of Magic Eden.
At launch, the community will receive a total of 12.5% of the ME token supply, equivalent to 125 million tokens out of a total of 1 billion tokens based on Solana. According to the current price on Whales Pro, this token amount is estimated to be worth $312 million.
The ME price on the pre-market has reached $2.50, up 233% in the last 24 hours, with a trading volume of around $193,000. Although the price on the primary market is not yet very reliable, this airdrop is still among the top 20 largest airdrops of all time, according to CoinGecko.
Despite the primary market price, Magic Eden users will receive one of the largest community airdrops of 2024, with the Token Generation Event (TGE) expected to take place "in the coming weeks," according to the official post from the ME Foundation.
The 12.5% allocation for the community is unlocked from the start, which is the same ratio that Tensor, a competing Non-Fungible Token exchange on Solana, has provided. This figure also exceeds the 10% that Jupiter, a Dex Aggregator platform on Solana, has unlocked in their community airdrop upon launch.
Additionally, another 225 million ME tokens have been allocated for future airdrops, targeting active users of Magic Eden's products. Magic Eden's CEO and co-founder, Jack Lu, has tweeted that "You'll be able to earn $ME through using Magic Eden products daily."
While this announcement has been enthusiastically received by traders, many questions remain around how Magic Eden will transition the current rewards system, Diamonds, into the ME token.
Several users on Twitter (X) have responded to Jack Lu's comments, requesting clarification on Diamonds. A prominent figure in the Web3 community, DFarmer, commented that Magic Eden is "dragging their feet" without providing a specific date for the Token Issuance event or the conversion rate from Diamonds to ME.
"This is what people want to know, don't keep repeating the same announcements," DFarmer said.
Users of Magic Eden's products related to Bitcoin, Solana, and Ethereum will know the amount of ME they will receive on the day of the Token Generation Event, according to a member of the ME Foundation team. A verification tool will be released beforehand.
Since starting as an Non-Fungible Token exchange on Solana, Magic Eden has expanded to support Bitcoin Runes as well as Non-Fungible Token trading on seven different blockchains, including Bitcoin and Ethereum. It is the leading on-chain trading market, processing over $1.12 billion in trading volume over the past six months and holding a 33% market share during that time, according to data from Tiexo.
Keep following Coin Moi to stay up-to-date with the latest news in the market!
The article Magic Eden allocates 12.5% of the total ME token supply for user airdrop first appeared on CoinMoi.