Original | Odaily Planet Daily ( @OdailyChina )
Author: Golem ( @web3_golem )
The ME token, which has been the focus of many users for a long time, finally opened for airdrop applications and TGE last night.
The total supply of ME tokens is 1 billion, with an initial circulation of 125 million airdropped tokens, and the remaining tokens will be gradually released over 4 years. Due to the good price performance of recent airdrop projects such as Hyperliquid and Movement after TGE, and the fact that Magic Eden is currently the leader in the multi-chain NFT trading market, the community has high expectations before the token is launched:
ME opening price is expected to be $10, and in the long term it is expected to reach $30
“The distribution of ME airdrops is reasonable, taking into account the majority of real users, platform big players and freeloaders”
“ME’s price is comparable to HYPE, but it won’t be worse than MOVE’s opening price.”
Of course, some community members still remain rational and believe that the price of ME was already too high before it opened:
“I have already shorted ME in the OKX pre-market trading. The current FDV is higher than its intrinsic value.”
“Sell ME at the opening, the 10 billion FDV is for VC to dump the market”
So, what happened to the ME token claim and TEG yesterday? Will the ME price (currently priced at $5.6) still have a chance to hit $10? Odaily Planet Daily will briefly introduce it in this article.
Listed on Binance and Upbit, pre-market price exceeded expectations
Under the current market conditions, if a token can be listed on Binance and Upbit, it will be a big boon - Binance, as the largest exchange in the universe, will bring the largest flow and liquidity to the token; due to the closedness and craziness of the Korean market, a kimchi premium phenomenon will form in the bull market, so Upbit, as the largest exchange in South Korea, is expected to bring strong purchasing power to the listed tokens and form a short-term price difference with the external market.
Previously, MOVE announced that it would be listed on three major exchanges (Binance, upbit and Coinbase), which also verified this positive phenomenon. Therefore, many players hoped or even believed that ME would be listed on these three exchanges before it went online.
The script is really developing in this direction. On December 9, according to @ai_ 9684 xtpa monitoring , Binance was suspected to appear in the coin holding address of ME. The address AG8Xp...xW4PM had recharged 1 ME to Binance three days ago. The funds of this address were traced back three layers to the token deployment address. On December 10, the communitys speculation was verified. Binance issued an announcement announcing that it would launch ME spot trading. Then according to OKX pre-market trading data , ME rose above 6 USDT in pre-market trading, with a 24-hour increase of 33.82%.
While the community was still excited, good news came again on the afternoon of December 10th. Upbit announced that it would launch ME/Korean won, USDT, and BTC trading pairs. According to OKX pre-market trading data , ME rose to 7.45 USDT in OKX pre-market trading, with a 24-hour increase of 55.75%. Based on the current price, MEs initial circulation market value has exceeded US$930 million, and FDV has exceeded US$7.4 billion.
The price of ME before the opening has far exceeded the markets expectations for it when the token economics was first announced (3 to 4 US dollars). Players who are optimistic about ME believe that ME will start with a valuation of tens of billions and continue to rise, while players who are more pessimistic or whose pre-market prices have reached their psychological prices are also planning to receive the airdrop and sell it as soon as possible.
OKX listing reaches its highest point, with a serious price gap between exchanges and chains
OKX announced that it will open ME spot trading at 22:00 (UTC+8) on December 10th. It is the first mainstream exchange to open ME trading, so many users choose to recharge ME to OKX for trading. MEs opening performance on OKX can be described as amazing. According to OKX market data, ME broke through 22 USDT after the opening of OKX, reaching a high of 22.632 USDT, but then fell all the way.
However, according to community discussions, due to the huge flow of airdrop applications, retail investors could not apply for ME at all when OKX opened at 22:00, and the application of ME tokens gradually returned to normal after 22:30. At this time, the price of ME on OKX also fell to between 5.6 and 4.8 USDT, which was lower than the pre-market price of OKX. The community jokingly called this phenomenon leaders go first unique to VC coins.
Although the price of ME on OKX went down, many players still had high expectations for ME, and even bought at the bottom and went long, because it had not yet been launched on Binance and upbit. However, when Binance officially opened ME spot trading at 23:00 on December 10, ME opened at a high of 6.24 USDT, far below the expectations of many players. Affected by emotions, the price of ME on Binance fell all the way, and the lowest price fell to 4.137 USDT.
In addition, there are price differences between exchanges and on-chain. After Binance opened, there has been a price difference of 0.3 to 0.6 USDT between OKX and Binance. At 9:30 this morning, upbit announced the opening of ME spot trading, and the price of ME reached a maximum of 11.3 USDT, which is more than 60% higher than other major CEXs. Perhaps affected by upbit, the price of ME on Binance reached a maximum of 8 USDT at 10:00 am, while the price of ME on OKX was only 7.09 USDT at the same time.
The price difference of ME on Binance and OKX (Binance on the left, OKX on the right)
At the same time, there is a price difference between CEX and DEX. According to Raydium data, at 10:00 am, the price of ME in the ME/USDC pool was between 9 and 10 USDT, which was higher than the prices on Binance and OKX.
Price of ME on Raydium
Coinbase announced this morning that ME is now available on coinbase.com and the Coinbase iOS and Android apps, and Coinbase customers can log in to buy, sell, convert, send, receive or store these assets. But this did not bring much stimulus to the price of ME.
Can ME reach 10 U again?
The price of ME has risen to 10 USDT, which is the psychological price of many community members. However, since Binance launched ME, its price has reached 8 USDT at its highest. Although OKX opened at 22 USDT, most retail investors cannot sell at this price. Whether ME can reach 10 USDT again depends on whether Magic Eden is worth a valuation of 10 billion. Previously, Twitter KOL Sha Po Lang compared the market value of ME with other projects, as shown in the figure below.
Before ME went online, if calculated based on pre-market prices, Magic Edens circulating market value had already surpassed the FDV of NFT trading markets such as Tensor and Blur. From the data, Magic Edens market share in Solana NFT is indeed not as good as Tensor, which ranks first, but in terms of the support and development of multi-chain NFTs, Magic Eden has done a relatively good job, especially in the Bitcoin NFT and rune trading market, where it has an absolute leading advantage.
At the same time, many opinions will compare the TEG performance of ME with that of HYPE and MOVE. In terms of initial circulation, ME is smaller than HYPE and is also a highly profitable project. In terms of exchange support, ME is similar to MOVE and is also listed on a number of mainstream exchanges such as Binance and upbit. Therefore, many users believe that the price of ME must at least be maintained above 10 USDT for a long time.
But Magic Eden’s current situation is not as optimistic as described above. In terms of products, the rise and fall of a trading market always depends on the development of its ecosystem. The current Bitcoin ecosystem is in a bear market, and none of the top 10 NFT projects by market value is Bitcoin NFT (Bitcoin Puppets ranks 12th). In the current hot Solana market, its share is not as high as Tensor, so it is difficult to support a valuation of tens of billions of dollars.
According to the price performance of previous airdrop projects this year, the opening price is generally the peak, and it is difficult to have a second wave of market after the market sentiment subsides. MOVE has currently fallen back to around 0.68 USDT, and FDV has fallen back to around 6.7 billion US dollars. Therefore, it is still difficult for ME to reach 10 USDT again.
