Coin overview
ME
Ended--
Last price (USDT)
2.41M
24h total (USDT)
3.06M
Total vol (USDT)
2024-11-22 12:00:00 ~ 2024-12-10 13:30:00
Trading time (UTC+0)
2024-12-10 15:00:00 ~ 2024-12-10 19:00:00
Delivery time (UTC+0)
Total supply1.00B
Resources
Introduction
$ME is committed to supporting the MagicEden-led cross-chain ecosystem super dapp strategy, mainly focusing on acquiring more users from different public blockchain or other infrastructure, and allowing users to realize one-stop seamless trading of multi-chain assets.
Magic Eden Co-founder publishes annual review: Token transactions account for 30% of total revenue
Jack Lu, co-founder of Magic Eden, released a review of Magic Eden milestones for 2024: launching the ME token; launching a mobile application; becoming a leading NFT market + Mint terminal; holding the top position in the Ordinals and Runes markets; token trading accounting for 30% of total revenue; "The journey continues, and we are ready for 2025."
Magic Eden Joint Creation Annual Review: Token trading now accounts for 30% of revenue, ready for 2025
Magic Eden co-founder and CEO Jack Lu released a review of Magic Eden in X for the year 2024, stating that he is ready for 2025. Review of 2024: Adopted ME; Launched mobile application; Became a leading NFT market + Mint terminal; Ranked first in Ordinals, Runes; Token trading now accounts for 30% of revenue.
2025 Top 15 Rare Airdrop Opportunities Collection List
Original Article Title: "2025 Top 15 Airdrop Opportunities to Watch" Original Article Author: KarenZ, Foresight News Last week, we compiled a list of over 30 potential airdrop projects "Top 30 Airdrop Projects to Watch in 2025". However, for those who are already tired of participating in frequent airdrops, we have specially selected and summarized 15 token re-airdrop opportunities. Jupiter In December 2024, the Jupiter community proposed a new round of airdrop, planning to distribute 7 billion JUP tokens over the next two years, with a total of 14 billion tokens. This proposal has made several adjustments to the original plan, including allocating unredeemed JUP tokens to the ASR (Asset Staking Rewards) pool, giving priority to staking users, and strengthening anti-bot measures. According to the distribution draft outlined by Jupiter, in 2025, 5 billion tokens will be distributed to Swap users and stakers, and 2 billion tokens will be distributed to Carrots and Good Cats participants. Interaction Strategy: Staking, Swapping, Perpetual Contract Trading. Optimism Optimism allocates 19% of its tokens for airdrops, with 5% being for the Genesis Airdrop. Since listing, Optimism has conducted five airdrop seasons, distributing a total of 6.2% of the token's total supply through airdrops, in addition to the Genesis Airdrop, which took place in February and September 2023, February and October 2024, and reserved 12.8% of the total token supply for a series of future airdrops. Interaction Strategy: Staking OP, Governance Participation, Cross-chain Interoperability, etc. Ethena Ethena allocates 30% of the total token supply for the development of the Ethena ecosystem, with 5% of the tokens airdropped in the first and second season airdrop events. The third season event, which started on September 2nd, will run for six months until March 23, 2025. Users who participated in Season 2 or Season 1 and continue to participate in the Ethena ecosystem will receive higher loyalty points in the Season 3 reward. Interaction Strategy: Holding USDe in any of the applications listed on the Ethena Liquidity Dashboard (e.g., Morpho, Aave, Pendle, or Curve LP) will receive a 20x reward; holding sUSDe in applications like Morpho, Aave, or Curve LP will receive a 5x reward; other rules can be found here. Blast In the tokenomics of Blast, 50% of the total token supply (1 trillion tokens) is allocated to the community, with 17% allocated in the first stage. The second stage is currently ongoing and will end in June 2025 (lasting 12 months). 50% of the rewards for Stage 2 (100 billion tokens in total) are allocated to Blast Points holders, and 50% are allocated to Blast Gold holders. Wallets will automatically earn points per block based on the user's ETH/WETH/USDB balance, with BLAST earning points at double the rate of ETH/WETH/USDB. DApps earn points at the same rate as wallets based on their TVL. The Blast documentation page states that DApps should return the points they earn to users. Interacting with Blast's curated DApps earns a point accumulation multiplier. Blast Gold is used for DApps to incentivize DApp growth. DApps should give back 100% of the Gold they earn to users. Interaction Strategy: Cross-chain, on-chain holdings of BLAST, ETH, WETH, USDB, interact with ecosystem applications. Starknet During its token launch in February, Starknet allocated 9% of the total token supply (9 billion tokens) to the community Provisions, with 7 billion tokens distributed in the first round of allocation, but only about 5 billion tokens were claimed, meaning around 4 billion tokens will be used for future airdrops. Interaction Strategy: Hold a certain amount of STARK, participate in governance voting or delegation, explore Starknet ecosystem applications (such as Nostra, AVNU, etc.). Grass The AI and DePIN data layer Grass will allocate 30% of its tokens to the community, with 10% of the tokens already distributed in an airdrop event, 17% of the tokens to be used for future incentives, and 3% of the tokens for Router incentives. Currently, the Grass reward activity is in Epoch 3, which will end on January 16, 2025. Interaction Strategy: Use a plugin to connect to the network, recommend invitations. Arkham Exchange Arkham Exchange is a trading platform released by the blockchain data company Arkham, which has launched its second-season points activity. Interaction Strategy: Participate in Arkham points activities through Arkham Exchange invitations, spot/contract trading. Saga The modular blockchain Saga encourages users to stake through the Saga Vault activity to ensure network security while providing rewards. Saga will launch Saga Vaults 2.0 in 2025, introducing new LP rewards (officials have stated that staking on Saga Uniswap and providing liquidity can maximize returns). Interaction Strategy: Participate in Saga Vaults 2.0. Sei Sei previously mentioned during the second community airdrop in May 2024 that they would start a third airdrop. In the second community airdrop in May 2024, Sei distributed 34,435,600 SEI tokens to 44,445 addresses. Interaction Strategy: Explore the Sei ecosystem, stake, restake. ZKsync The ZKsync community has voted to approve the proposal to "distribute 325 million ZK tokens within 9 months," which proposes establishing a DeFi liquidity hub on the ZKsync Era and enhancing liquidity for all interoperable ZK chains (Elastic Chain). The ZKSync Ignite initiative will launch on January 6, with the first batch of participating projects including SyncSwap, Koi Finance, zkSwap Finance, Uniswap, Maverick, PancakeSwap, Woofie, Izumi, RFX, Holdstation, Vest Exchange, Venus, ZeroLend, Aave, and Reactor Fusion. EigenLayer EigenLayer will use 15% of the initial token total supply for stakedrops, with nearly 12% of the total token supply distributed in the first two seasons. The remaining approximately 3%, along with unclaimed tokens from the first two seasons, will be allocated to the community through future plans. Interaction Strategy: Staking and Restaking, Node Operations. Magic Eden NFT trading platform Magic Eden will use 12.5% of ME (125 million tokens) for the initial airdrop distribution during TGE, with unclaimed portions being part of the community distribution as future rewards to ME stakers (currently over 30 million ME unclaimed). Additionally, Magic Eden plans to distribute 22.5% of the token total supply through the Magic Eden Reward Program. Interaction Strategy: Staking ME, Trading Tokens and NFTs using the Magic Eden Mobile App. Puffer Finance Puffer Finance previously allocated 7.5% of the total supply for the Crunchy Carrot Quest Season 1 airdrop and 5.5% for Season 2. The Season 2 event is currently ongoing. Interaction Strategy: Staking ETH, stETH, or wstETH. Hyperliquid Hyperliquid, in its largest ever airdrop, will use 31% of the total supply for Genesis Distribution, 38.888% for future releases and community rewards. Some community members anticipate a possible second airdrop from Hyperliquid. The HYPE token has also performed impressively, with a continuous surge, reaching a fully diluted market cap of 28 billion USD and a circulating market cap of 9.3 billion USD. Interaction Strategy: Trade on the Hyperliquid platform, deposit funds into the Hyperliquid Vault, hold HYPE (possibly measuring loyalty), interact with Hyperliquid ecosystem projects. Aptos In tokenomics, Aptos has reserved 51.02% of tokens for the community, with an initial airdrop allocating 3% of the tokens. Some community members speculate that Aptos will conduct a second airdrop. Interaction Strategy: Explore the Aptos ecosystem, hold some NFTs appropriately, and stake APT with any validator. Recommended Reading: "Aptos Unmissable Airdrop + High-Yield Opportunity Alchemy Guide" Original Article Link
Magic Eden General Counsel: David Sacks has only 2 years to push for pro-crypto policies
Joe Doll, the chief legal advisor of Magic Eden, recently stated that David Sacks has only two years to push for cryptocurrency-friendly policies before the 2026 midterm elections in the United States. The threat of a government deadlock may stifle regulation, and the current government must push for cryptocurrency-friendly policies while still controlling both houses of Congress. "The majority of seats in the House of Representatives are very weak and likely to flip, as the House of Representatives almost always flips. Therefore, you may encounter a divided government that will settle things within two years. So we have 24 months to push for some important things."
The controversial ICO is back. Pundits promise this time is different
Brace for the return of one of the crypto industry’s most contentious fundraising tools. They’re called community rounds — a new take on initial coin offerings — and they’re poised to surge in 2025, say pundits. During their heyday in 2017 and 2018, ICOs raked in roughly $13 billion across more than 2,000 crypto projects, according to data from ICObench. Given their speed, heady sums, and low barrier to entry, ICOs also became popular tools for fraud. Projects marketed their wares via technical documents, urging punters to send crypto to the project’s address. In exchange, they received the project’s token. At least $1.3 billion was lost to scams, according to Statis Group. Dozens of enforcement actions followed. Sid Powell, CEO and co-founder of Maple Finance, says history won’t repeat itself. “ICOs have evolved. The old days of just sending ETH to an address based on a white paper are unlikely to come back again,” Powell told DL News. “We’re also now in a very different environment than in 2017.” MegaLabs As crypto hurdles into another bull market, this ultra-fast fundraising type is already making waves. MegaLabs, the developer team behind the layer-2 network MegaETH, raised $10 million on December 13. Investors bought equity as well as token warrants, according to The Block, via the crowdfunding platform Echo. It raised that sum in roughly three minutes. “It felt like an ICO,” said Shuyao Kong, MegaLabs co-founder tweeted. Fraud Like traditional capital raises, funds supported ICOs’ development. Some projects made off better than others. EOS, an early attempt at dethroning Ethereum, raised $4.2 billion in 2017. The token powering the crypto browser Brave raised $35 million in just 30 seconds before concluding. Between 2013 and 2022, the Securities and Exchange Commission issued 70 different enforcement actions related to ICOs, according to economics consultancy Cornerstone Research. Tokens are the best way to unify a community, and ICOs are the best way to democratize access to a community. Always have been. — Stani (@StaniKulechov) December 15, 2024 So long airdrops? ICOs also offer an alternative — some argue better — way of galvanising a community of people around a crypto project. Before a token is launched, a project may give users points for doing certain actions, like regularly chatting in its Discord or promoting the project on social media. Those points represent an allocation in the token once launched via an airdrop. However, the mechanism is notoriously gamed by professional bot farms, which means tokens aren’t often evenly distributed. One farmer earned 400,000 Magic Eden tokens, worth roughly $2 million, when the NFT platform launched its token in December. WOW Someone farmed 1350 wallets for @MagicEden airdrop got 400,000 $ME Currently worth ~$2.05M sent to Binance Respect 🫡 pic.twitter.com/B3r13EK8OP — tobi (@tobific) December 11, 2024 With few exceptions, Ivan said that free tokens via so-called airdrops don’t generate the same zealous followers projects want. “Free stuff doesn’t hit as hard as something you decided to buy. If it was your conscious decision to part with real money for the sake of some other asset, that is it,” he told DL News. “You will nurture it more.” The MegaLabs raise on Echo also capped how much one individual could invest, allowing more investors to join the fray. Powell expects this format of capital raise to appear more in the new year. “There’s less likely to be farmers gaming the system, and you can control the distribution to enable even allocations,” he said. Unlike the ICOs of yore, Powell also predicts more stringent investor protections. While President-elect Donald Trump has made audacious promises to the crypto industry, including launching a Bitcoin reserve and mining all BTC in the US, it was his administration that kicked off the ICO crackdown. Former commissioner Jay Clayton, appointed by then-President Trump, established a specialised unit in 2017 to address the proliferation of fraudulent ICOs. Adding guardrails Instead of posting an Ethereum address and technical documents and waiting for the millions to roll in, this next wave of offerings will look different. “We must acknowledge that the ICO model has historically carried substantial reputational and legal baggage,” Todd Ruoff, CEO of Autonomys, told DL News. That doesn’t mean they should be tossed completely. But this time, Ruoff suggested know-your-customer measures and disclosure agreements as guardrails. “What you’re looking for here is a disclosure regime bespoke to how crypto works,” Bill Hughes, general counsel for Consensys, told DL News. He pointed to SEC Commissioner Hester Peirce’s proposal for a safe-harbour mechanism in 2020. It would allow crypto projects to develop before being classified as an unregistered security. “You probably won’t see any meaningful ICO activity until there is a safe harbour,” said Hughes. Paul Atkins, the incoming commissioner to replace Gary Gensler, has already signalled his support for that proposal. “Hopefully, we get something like that in place in the short to medium term,” Hughes added.
Magic Eden: More chains will be supported in the future
Jack Lu, co-founder and CEO of Magic Eden, stated in a post on X that "all chains, all assets, all communities" are supported by Magic Eden. The platform currently supports 11 chains and will add more in the future for users to explore. These 11 chains include Solana, Bitcoin, Ethereum, Base, ApeChain, Arbitrum, Sei, BNB Chain, Polygon, Berachain, and Monad.
Magic Eden: More chains will be supported in the future
Magic Eden co-founder and CEO Jack Lu posted on X saying: "All chains, all assets, all communities. Magic Eden already supports 11 chains and will add support for more in the future for users to explore. These 11 chains are: Solana, Bitcoin, Ethereum, Base, ApeChain, Arbitrum, Sei, BNB Chain, Polygon, Berachain, Monad."
ME broke through $3.5, with a 24-hour increase of 26.2%
The market shows that ME has broken through $3.5, currently quoted at $3.49, with a 24-hour increase of 26.2%. The market fluctuation is quite large, please manage your risk well.
PENGU future target price 200 ETH? Has this bull market reignited NFTs?
Author: Nx.one Research Institute In the recent warming trend of the cryptocurrency market, the NFT sector has also seen significant signs of recovery. Notably, the recent popularity of Pudgy Penguins and Magic Eden has made them outstanding representatives of NFTs in this blooming bull market. According to the latest data from CoinGecko, the market capitalization of the NFT sector reached $8.2 billion in December. Data from November further confirms the warming trend in the NFT market. Statistics from CryptoSlam show that NFT sales in November reached $562 million, the highest level since May, when sales were close to $600 million. Although the number of independent buyers in November decreased to 662,000, down from over 1 million in May, the increase in sales indicates that the market is regaining vitality. Review of November's Data Performance 73% of market activity was dominated by the three major series: CryptoPunks, BAYC, and Pudgy Penguins. Ethereum continues to dominate the NFT market, with sales reaching $216 million in November, while NFT sales in the Bitcoin ecosystem also grew by 99.44%, reaching $186 million. CryptoPunks performed outstandingly in November's rebound, with a trading volume of $49 million, a 392% increase from October, achieved through only 388 transactions. This collection accounted for 40% of the market share, with a median transaction value of $114,131, demonstrating its continued appeal among collectors and investors. Bored Ape Yacht Club (BAYC) also held strong, with prices stabilizing at 21.27 ETH (approximately $79,727), achieving a 75.79% increase within a week. In the past day, the total trading volume for this series reached 1486 ETH, indicating market activity. Pudgy Penguins, as a dark horse in the blue-chip NFT sector, maintained a healthy floor price of 14.869 ETH (approximately $55,758) and achieved nearly a 30% increase within a week. Azuki, with its more accessible positioning, had a floor price of 5.799 ETH and also rose by 8.61% in a single day. In the NFT market of EVM chains, Blur leads with a trading volume of $271 million, followed closely by OpenSea with $161 million in trading volume. In terms of user habits, OpenSea maintains its lead with approximately 188,000 active traders and over 2 million transactions. Although Blur has a smaller user base of about 38,000 active traders, its user trading activity is higher, showcasing the market's diversity and competitiveness. From the new round of the bull market starting in November, market data clearly indicates the recent warming trend in the NFT market, with strong performance and active trading volumes providing robust evidence for the recovery of this sector. Pudgy Penguins Becomes the Second Largest NFT Project Riding the wave of this bull market, the Pudgy Penguins team announced the launch of the token PENGU, and following this news, its NFT floor price has been continuously hitting new highs, becoming the center of discussion in recent days on X. The strong community and market reaction to the announcement of the token launch is easily understandable, as the token distribution plan allocates the largest share to the Pudgy community, accounting for 25.9%, while other community allocations are at 24.12%. According to community member @BTCThinker88's analysis, the airdrop scale of Pudgy Penguins' PENGU token is quite substantial, with each holder expected to receive between $31,000 to $61,000 (approximately 7.9 to 15.8 ETH) in airdrop benefits. Additionally, the tokenomics structure of Pudgy Penguins shows that community airdrops account for a major portion of about 51%, and there is no lock-up period for community airdrops. NFT holders on social media generally express support for this token economic model and look forward to the potential value of the airdropped tokens. This initiative by Pudgy Penguins not only strengthens community cohesion but also injects new vitality into the NFT market. Magic Eden's Token Airdrop: Unlimited Potential During the period from 2023 to 2024, the NFT market overall experienced a downturn, with a significant decline in market trading volume. However, Magic Eden successfully restored some market activity during this period through various innovations and strategic adjustments, positively impacting the entire NFT market. This is reflected in the trading data for 2024, where, according to official data, the platform's trading volume has reached $600 million as of November 2024. This figure not only showcases Magic Eden's strong growth in the NFT trading sector but also reflects the warming trend of the entire NFT market. Magic Eden's mobile product, Magic Eden Wallet, also performed well, with the number of monthly active addresses reaching 300,000. According to nftpluse data, in the past month, Magic Eden's user count reached 156,000, with a market share of 31.6%, leading the second-ranked OpenSea by about 20,000 users, and being 7.42 times the user count of the already launched Blur platform (21,000). Furthermore, Magic Eden's trading revenue in the past month was $2.8 million, with a market share of 45.4%, leading OpenSea by about $600,000 and being 9.3 times the revenue of the already launched Blur platform ($301,000). In the Bitcoin ecosystem, Magic Eden's performance is particularly outstanding, ranking first in DEX (decentralized exchanges), with rune and inscription trading volume accounting for over 80%. In the NFT ecosystem, Magic Eden also leads in revenue and user share. Specifically, Magic Eden's revenue share accounts for 60%, while its user share accounts for 29%. These market share positions not only solidify Magic Eden's leadership in the Bitcoin ecosystem but also provide strong support for the overall recovery of the NFT market. The long-anticipated TGE airdrop, due to its total token supply of 12.5%, an expected opening value exceeding $4 billion, and the introduction of community-first features to reward loyal users, along with its significant influence and trading volume as a cross-chain NFT market, has led to strong performance for the ME token in the presale market, with prices once soaring to $4.50. At the time of writing, the highest observed price reached $11 before continuously dropping to around $5; however, ME still holds great potential, as it is already operating across multiple blockchains, including Solana, Ethereum, and Polygon, and the launch of TGE may further enhance its cross-chain capabilities. Conclusion While Magic Eden's TGE certainly has great potential to become a catalyst for the recovery of the NFT market, the ultimate effect depends on multiple factors, including the subsequent overall bull market trend, which directly influences the price trajectory of the ME token. As for the price of Pudgy Penguins, Luca Netz claimed in July this year that Pudgy Penguins would reach a floor price of 200 ETH in this cycle. Although the current floor price is still far from Netz's target, the overall recovery of the NFT market and the collaboration with allies in the NFT market make the realization of a 200 ETH floor price in the future worth paying attention to and looking forward to.
Magic Eden Staking Explained: A Complete Guide
Magic Eden’s $ME staking system has intrigued many crypto enthusiasts, but it’s far from straightforward. Despite 11.37% of all circulating $ME tokens being staked, only a few participants fully understand how the system works. If you’re among those scratching their heads, this guide will break it down for you step by step. What Makes $ME Staking Different? When most people think of staking, they imagine locking their tokens and passively earning rewards. However, staking $ME is more interactive and complex, requiring a combination of staking and activity to maximize your rewards. Here's the critical point: staking alone does not earn you rewards. Instead, it’s part of a two-step system where staking power and quest participation work together to determine your rewards. Key Concepts of $ME Staking 1. Staking Power Your staking power determines your influence in the system and directly impacts your potential rewards. It is calculated using this formula: Staking Power = $ME Staked × Multiplier (based on lock-up duration) Example: You stake 100 $ME. You lock it for 120 days (which gives a multiplier of 2.55 or 255%). Staking Power = 100 × 2.55 = 255. A higher staking power helps you climb the rankings, which are crucial for earning rewards. 2. Quests Staking alone won’t cut it. To earn rewards, you must actively complete quests, which are specific on-chain activities. Each completed quest earns you points that contribute to your ranking score, the key determinant for reward distribution. Examples of Current Quests: Use the Magic Eden wallet once per week. Make a swap (minimum $5, up to four swaps per week). Buy a collectible using the mobile app. Trade NFTs. Trade tokens. You can find these quests in the Magic Eden mobile app under the “Explore” section. 3. Ranking and Rewards Your ranking score is calculated based on your staking power and quest activity. Rewards are distributed at the end of a Chapter (a 90-day cycle) based on your rank percentile: Top 1% Top 10% Top 50% Others Higher ranks earn proportionally larger rewards. However, the exact amount of rewards for each rank remains unclear, leading to frustration among users. Step-by-Step Guide to Staking $ME 1. Stake Your $ME Tokens Decide how much $ME to stake and for how long. The longer the lock-up period, the higher the multiplier (and thus your staking power). Use the Magic Eden staking interface to lock your tokens. 2. Link Your Wallet Ensure the wallet used for quests is linked to your staking wallet via the ME Foundation Wallet Linking Tool. 3. Complete Quests Regularly participate in quests listed in the Magic Eden app. Perpetual quests, which can be repeated weekly, are particularly important for maximizing your ranking score. 4. Monitor Your Ranking Keep track of your ranking and quest completion to stay competitive. 5. Claim Rewards At the end of a Chapter (90 days), rewards will be distributed based on your final rank percentile. Rankings reset after each Chapter. Why Staking $ME Matters? 1. Token Supply Shock By staking $ME, tokens are removed from circulation, creating a supply shock that can positively impact $ME’s price over time. 2. Engagement Incentive The questing system incentivizes users to actively engage with Magic Eden’s ecosystem, ensuring that rewards go to participants who contribute to its growth. 3. Long-Term Potential While rewards are currently unclear, the system is designed to reward active participants generously, making it worthwhile for those who commit. Challenges and Transparency Issues Despite its innovative approach, the $ME staking system has some pain points: Complexity: Many users find the two-step system (staking + quests) overly complicated. Lack of Transparency: The exact reward allocation for different rank percentiles remains a mystery. Users are left guessing how much they’ll earn, which undermines confidence in the system. These issues highlight the need for clearer communication and tools to help stakers estimate their potential rewards. Recap: How to Maximize Your $ME Rewards Stake Strategically: Stake more $ME or choose a longer lock-up duration to maximize your multiplier. Complete Quests Regularly: Engage with perpetual quests to boost your weekly ranking score. Monitor Rankings: Stay competitive by tracking your ranking and adjusting your activity accordingly. Stay Updated: Follow announcements from Magic Eden to understand changes in the staking and reward system. Final Thoughts The $ME staking and questing system is an innovative approach that rewards active ecosystem participation. However, it’s not without its challenges. The lack of reward transparency and the complexity of the mechanism may deter potential users. If Magic Eden addresses these concerns, $ME staking could become a benchmark for gamified staking models in the crypto space. Until then, stay active, stay informed, and maximize your staking power and quest participation to climb the rankings and secure your rewards.
Pudgy Penguins’ PENGU Token, NFTs Suffer Major Price Dip Post-Airdrop
PENGU, the newly-launched cryptocurrency of the Pudgy Penguins ecosystem, suffered a sharp decline in value a day after it went live. At the time of writing, data from CoinGecko showed that the token had fallen by 57.8% within 24 hours to settle at $0.02892. Airdrop Aftermath The highly-anticipated airdrop launched on December 17 saw about 62.8 billion PENGU tokens distributed to millions of qualified NFT holders, traders, and team members. However, following an initial surge that catapulted the token into the top 100 cryptocurrencies by market cap, it suffered a swift sell-off that saw its value plummet by more than 60%, falling from a high of $0.06845 to a low of $0.027. Interestingly, the damage wasn’t limited to the cryptocurrency, with Pudgy Penguins’ NFT collection suffering a similar fate. Within a single day, it saw its floor price plunge by more than 48% to 17.1 ETH, about $64,450, a stark contrast to its all-time high (ATH) level of 36.33 ETH. The downtrend notwithstanding, information from CryptoSlam showed an increase in trading activity, with the collection’s daily sales volume skyrocketing 258% to $21.7 million. While some investors cashed out their holdings, others used the opportunity to buy the dip, with the average sale price currently sitting at 19.89 ETH. A Pattern of Post-Airdrop Volatility While the rapid drop in PENGU’s market value may have raised some eyebrows, the phenomenon is not particularly new, with several other cryptocurrency giveaways leading to a market frenzy. Some observers have attributed this to an emerging trend among airdrop recipients who quickly cash out their holdings, leading to a marked price instability at the beginning of a coin’s post-distribution trading. For example, NFT marketplace Magic Eden’s ME token and Movement Network’s MOVE also experienced similar patterns following their respective airdrops. Both of them registered sharp divestment, with ME in particular losing 80% of its value as thousands of claimants exited their positions. However, regardless of the turbulence, PENGU still retains a market cap just shy of $2 billion, placing it at #78 among the largest cryptocurrencies in the market. Additionally, as of this writing, its price had made some marginal recoveries and was 10.5% above its lowest level recorded only hours ago.
Wallet provider Exodus stock rallies 37% on NYSE American debut
Exodus Movement is now trading on NYSE American as of Wednesday, a company representative told The Block. This places Exodus — the makers of one of the oldest operating crypto wallet developers — among a handful of publicly traded crypto companies on a major U.S. exchange. The firm’s stock (ticker: EXOD) is up over 37% as the trading day closes after hitting an all-time high of $64.50, according to Google Finance. EXOD is currently changing hands for around $53. NYSE American is owned and operated by the New York Stock Exchange in New York City. Exodus, founded in 2015, previously traded on listed OTC Markets under the same ticker. It announced it would look to "uplist" earlier this year. The company received approval to list its common stock on the NYSE American in May 2024. “Trading on the NYSE American will allow Exodus to create greater long-term value for our stockholders by increasing our presence within the investor community and, in turn, increase liquidity,” Exodus CEO and co-founder JP Richardson said at the time. Exodus saw $20.1 million in revenues and a net loss of around $800,000 in the third quarter of this fiscal year, according to its third-quarter filing in November. The firm primarily derives revenues from exchange services including fiat onboarding as well as staking and consulting services. Exodus recently partnered with hardware wallet provider Ledger and the NFT platform Magic Eden. “In Q3, we delivered both high year-over-year revenue growth and profitability, which demonstrates the strength of our business model as well as the growing adoption of the digital asset market,” CFO James Gernetzke said.
Pudgy Penguins’ PENGU Token and NFTs Plummet 50% Following Airdrop
The Pudgy Penguins ecosystem token, PENGU, launched on Solana this Tuesday, soaring into the top 100 cryptocurrencies by market cap. Millions of NFT holders and traders qualified for the airdrop. Despite the initial excitement, PENGU’s price has fallen sharply throughout the day. Pudgy Penguins NFT Suffers From the PENGU Airdrop Craze At the time of reporting, PENGU had dropped 57% from its launch price of $0.068, reflecting a significant sell-off. Surprisingly, the Pudgy Penguins NFT collection also experienced a similar decline. According to CoinGecko, the collection’s floor price fell to 17.2 ETH, even as daily sales spiked by 258%. Many users had aggressively bought Pudgy Penguins NFTs in recent weeks to qualify for the PENGU airdrop. Now, these buyers appear to be offloading their NFTs. Pudgy Penguins NFT Floor Price on December 17. Source: CoinGecko The sell-off has been widespread. Following PENGU’s launch on Binance, over 20% of the token supply has already been liquidated, amounting to approximately $9.3 million. The remaining tokens hold a value of $37.7 million. “The project’s associated wallets (or early investors) are selling large amounts on the chain! So far, $8.74 million worth of PENGU has been sold. The address HoTdB…YL8YZ received 888 million tokens from the token deployment address yesterday (before the airdrop claim), and sold 169 million tokens at $0.05164 in the past hour,” an on-chain analyst wrote on X (formerly Twitter). Airdrop sell-offs are common, as recipients often cash out profits quickly. However, PENGU’s decline has been unusually fast. If the sell pressure reduces and trading stabilizes, the price could eventually find a floor. This rapid drop mirrors a similar trend with Movement Network’s MOVE token, which fell by 50% last week after launching on Binance. Magic Eden’s ME token, also released recently, faced comparable challenges. Following a swift airdrop, 80% of claimers sold their entire allocation, causing a sharp price drop. Despite the decline, PENGU retains a market cap of over $1.8 billion. In contrast, Magic Eden’s ME token has a significantly smaller market cap of around $400,000. Meanwhile, Binance has been facing intense scrutiny for listing low-cap airdrop tokens and meme coins. The initial large-scale sell-offs from these tokens often lead to pump-and-dump concerns, and the largest crypto exchange has been criticized in the past few months for enabling such scenarios.
Magic Eden Now Compatible with BNB Smart Chain
This means that users can now use BSC to buy and sell NFTs . They can do so on Magic Eden’s Launchpad, Mint Terminal, and Marketplace. This is a big step forward for Magic Eden, as it opens the door for more people to join the platform and use different types of digital currencies. What Does This Mean? For those who are unfamiliar, the BNB Smart Chain is a fast and low-cost blockchain that’s perfect for NFTs. Magic Eden is now able to support this chain, allowing users to use BNB and other tokens that run on the BSC network. With this new addition, Magic Eden’s Launchpad, Mint Terminal, and Marketplace will now support BNB Smart Chain. This way, it will offer more choices for creators and collectors alike. So, whether you’re creating NFTs or looking to buy them, there’s now even more flexibility. Emmy’s excited to welcome BSC (BNB Smart Chain) to Magic Eden! BSC is now live on our Launchpad, Mint Terminal, and Marketplace. Welcome to Magic Eden @BNBCHAIN 💛 pic.twitter.com/aCLp3m80uv — Magic Eden 🪄 (@MagicEden) December 12, 2024 This update means that people who use BNB or have NFTs on the BSC network can now take full advantage of Magic Eden’s features. If you’re already familiar with Magic Eden, you know it’s a place where creators can launch new NFT projects and buyers can discover fresh digital art. More About Magic Eden Great news for its Vietnamese members! Magic Eden has created a special Telegram group just for you. The ME community is going global 🪄 For all our Vietnamese members, there’s now a Telegram group made just for you. Join below for the latest news, opportunity to win prizes and build with us. Stay tuned for more language channels to be added. pic.twitter.com/rnZ7O8xVKh — Magic Eden 🪄 (@MagicEden) December 11, 2024 By joining, you’ll stay up-to-date with the latest news. Also, get the chance to win exciting prizes and connect with others as we build together. Disclaimer The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
Magic Eden ecosystem upgrade: ME token incentive system launched, BSC integration helps cross-chain layout
Magic Eden is comprehensively upgrading its platform ecosystem, aiming to create "on-chain Binance" and support users to exchange on-chain assets. On December 11th, CEO Jack Lu announced the launch of a new incentive system around ME tokens. Users can earn ME token rewards through daily transactions and platform use, and launched an innovative ecosystem contribution mechanism that allows users to receive rewards even if they do not directly use platform products. At the same time, loyal users will enjoy an exclusive reward plan, and ME tokens have been integrated into an upgraded version of the existing incentive system, further enhancing the community's active level. On December 14th, Magic Eden announced that the integration of BNB Chain has been fully completed, supporting its Launchpad, Mint Terminal, and Marketplace products. CZ forwarded the relevant news, triggering high market attention to Magic Eden's cross-chain capabilities. Yesterday, co-founder Jack Lu stated on the X platform that the launch of ME token is just the beginning, and more plans are already underway. Through the upgrade of the Incentive Mechanism and multi-chain integration, Magic Eden is continuously consolidating its leading position in the on-chain trading market, providing users with a richer ecological experience.
Magic Eden Joint Creation: The launch of the ME token is just the beginning, there will be more plans in the future
Magic Eden co-founder and CEO Jack Lu tweeted, "Someone asked if I did anything special after the ME token was launched. Honestly, I didn't. I went back to day one and continued to refine and build. The launch of the ME token is just a beginning for us, we have planned much more, please stay tuned."
Discover Four Trending Altcoins Making Waves This December
HyperLiquid and AI6Z are emerging altcoins with innovative technology and strong market momentum, gaining widespread attention. Magic Eden’s ME token and Pudgy Penguins’ PENGU token show strong adoption, driving new trends in the crypto market. In his most recent video , “4 Hottest New Crypto Coins,” crypto influencer Lark Davis offered analysis of four newly discovered altcoins causing market excitement. Renowned for his knowledge of crypto trends, Davis highlighted altcoins that have lately become rather popular either because of creative technology, community energy, or special market placement. Davis began by stressing the market’s inclination for fresh and exciting tokens, noting that these tokens usually inspire investors looking for large profits. He did, however, warn viewers about the inherent dangers of crypto investing, pointing out that although some coins are doing well right now, the volatile character of the market calls for careful thought. 4 Altcoins Making Waves This December HyperLiquid: A Layer-One Blockchain Revolutionizing Perpetual Swaps The initial token under discussion was HyperLiquid, a layer-1 blockchain including a built-in decentralized exchange (DEX). Davis detailed its amazing debut into the market, where its token price jumped following its airdrop—an unusual pattern for airdropped coins, which typically see instantaneous sell-offs. The success of HyperLiquid is related to its strong decentralized system providing more than 100 perpetual swap marketplaces. Especially in trade volume, it lately exceeded dYdX, therefore establishing its dominance as the biggest decentralized perpetual exchange. HyperLiquid has drawn interest in the market with its creative tokenomics—including a USDC buyback-and-burn mechanism. Davis pointed out that although short-term adjustments are possible, its future seems to be one of more expansion. AI6Z: Pioneering AI Agent Development in Crypto Davis then presented AI6Z, a cryptocurrency designed as an AI agent development framework. Inspired by Andreessen Horowitz’s venture capital approach, AI6Z has become somewhat well-known in under two months thanks to its market cap of about $850 million. Davis underlined that AI6Z is a tool helping to create AI agents competent of autonomous decision-making and transaction execution, not only a meme coin. Trending on GitHub and drawing over 120 developers, AI6Z has become one of the fastest-growing projects in the crypto industry with a vibrant open-source community and increasing acceptance of its Eliza architecture. Magic Eden’s ME Token: Revolutionizing Cross-Chain NFT Trading The third token under discussion was Magic Eden’s ME token, connected to the top cross-chain NFT platform. Davis emphasized the recent token release on the platform, which offers consumers a rich airdrop. Establishing itself as a necessary component of crypto infrastructure, Magic Eden allows users to exchange NFTs across main blockchains. With a $650 million current market size and notable staking activity, the ME coin shows strong supply-demand dynamics. Davis noted the possibility for price hikes, especially considering the positive sentiment of the market and Magic Eden’s general popularity. Pudgy Penguins’ PENGU Token: Bridging Culture and Crypto Adoption At last, Davis looked at the forthcoming Pudgy Penguins PENGU token, a much-awaited release connected to the well-known NFT series, as we previously highlighted . Rising into a cultural phenomenon with millions of fans, Pudgy Penguins now represents crypto culture. Offering a significant airdrop to NFT holders and other community members, the PENGU token seeks to complement this popularity. Given its broad influence and ability to propel additional mainstream adoption of cryptocurrency, Davis projected that the token would become one of the main launches of 2025. Davis offered a fair analysis throughout the video, applauding the creativity and commercial potential of these altcoins while encouraging viewers to do extensive analysis and approach investments carefully. He urged his audience, as usual, to keep educated and make decisions consistent with their financial objectives.
OpenSea Cayman Islands registration fuels token airdrop rumors
Non-fungible token (NFT) marketplace OpenSea has sparked speculation of an impending token launch and user airdrop following its registration in the Cayman Islands. The news was shared on Dec. 14 by Waleswoosh, a pseudonymous researcher from the Azuki NFT collection, who posted a screenshot of OpenSea’s Cayman Islands registration. NFT community members have since speculated that the digital collectible platform plans to launch a cryptocurrency and conduct a token airdrop. Source: Waleswoosh On Nov. 4, OpenSea co-founder and CEO Devin Finzer announced that the NFT marketplace is planning a comeback. Although Finzer shared few details, he promised the revamped platform would be launched in December . At the time, some users speculated that an airdrop could be included. However, others, such as DappRadar’s communications manager “nederob,” considered an airdrop unlikely due to OpenSea’s United States-based operations. Related: NFT projects begin to give away ‘free’ company equity to holders Users anticipate OpenSea airdrop While OpenSea has not officially announced anything yet, users believe the Cayman Islands registration means the NFT platform will conduct an airdrop for its users. Matter Labs’ community manager “Golem” hopes the platform will reward its early users, saying OpenSea had the chance to turn everything around. Another OpenSea user shared the same sentiment, hoping the NFT platform would reward their loyalty. Source: Golem One user voiced concerns about whether the potential airdrop would account for the high trading volumes from 2021 and 2022 when the NFT market experienced billions in sales. The user speculated that OpenSea could follow the lead of competitors like Blur and Magic Eden, which issued tokens to incentivize and reward users. Top NFT marketplaces by trading volume. Source: DappRadar OpenSea has made previous attempts to win back users from rival NFT marketplaces. On Feb. 18, the platform implemented zero fees in an effort to regain lost ground to Blur. However, Blur continues to dominate NFT trading volumes, followed by OpenSea and OKX. Blur’s entry into the market was accompanied by an airdrop system, where users could earn tokens whenever a trading season ended. In 2023, a user earned up to $11 million in Blur tokens after the NFT marketplace distributed airdrop rewards for its second season. Magic Eden also followed Blur’s strategy, promising an airdrop for its users. However, the token instantly plummeted as it launched . On Dec. 11, the platform’s ME token rallied to $13.10 before falling by almost 70% as users complained about the claiming process and bugs in the project’s mobile application. Cointelegraph reached out to OpenSea for comment but did not receive a response by publication. Magazine: VonMises bought 60 CryptoPunks in a month before the price spiked: NFT Collector
Magic Eden Joint Creation: The ME token is just the beginning, there are more plans to follow
On December 15, Jack Lu, co-founder and CEO of Magic Eden, posted on the X platform saying: "Someone asked if I did anything special after the ME token went live. Honestly, I didn't. I returned to day one and continued to hone and build. The launch of the ME token is just a beginning for us; we have planned much more. Please stay tuned."
Why is Bitcoin superior to gold in every way? Saifedean Ammous explains
American economist Saifedean Ammous argues that Bitcoin is superior to gold because it has a fixed supply, is digital, and is not controlled by governments, making it a better store of value and a solution to inflation and debt issues in today’s financial systems. Ammous, author of The Bitcoin Standard, argues in a recent interview that Bitcoin is superior to gold. He believes Bitcoin is a revolutionary form of money. Its fixed supply and decentralized nature make it more reliable than gold. Bitcoin vs. gold Ammous explains that while gold has historically been used as money due to its scarcity and store of value properties, Bitcoin has taken these qualities to a new level. “Gold has been used for 4,000 years because it stores value well. But the problem with Gold is that it’s not as scarce as Bitcoin,” Ammous states. “The annual increase in gold supply is around 1.5% to 2%, whereas Bitcoin’s supply is capped at 21 million, and its annual supply growth rate is even lower—about 0.8% during its current four-year period,” he added. See also Magic Eden’s ME token plummets post-launch as app issues ensue One of the advantages Bitcoin has over gold is its fixed supply, which is set in stone. “There’s only ever going to be 21 million Bitcoin. That’s it. It’s a simple fact, and no other form of money can claim such a property,” Ammous continues. This scarcity makes Bitcoin a somewhat deflationary asset, unlike fiat currencies that governments can print in unlimited quantities. Ammous believes this unique property makes Bitcoin a much stronger store of value compared to gold or any government-issued currency. Another key difference is how Bitcoin operates. While gold relies on physical storage and transport, Bitcoin is purely digital, meaning it can be transferred and stored globally without needing physical handling. “Bitcoin is just software. It doesn’t require a legal framework that is tied to government-backed currencies. It’s decentralized and automated,” Ammous points out. He contrasts this with fiat money, which is deeply intertwined with government control and monetary policy. Why Bitcoin is the future of money Ammous also highlights the importance of Bitcoin’s ability to prevent inflation. Unlike fiat currencies, which lose value over time as central banks print more money, Bitcoin’s fixed supply makes it impervious to inflationary pressures. “In the world of fiat, governments continuously increase the supply of money, which leads to a decrease in its value,” he explains. “In the case of Bitcoin, no one can just print more. It’s a money that cannot be inflated.” See also Crypto fund ads identified on Alipay's homepage amid Chinese Crypto ban Ammous stresses the issue of debt in today’s financial systems. “Fiat money is built on the concept of debt. Every time the government needs more money, they increase the currency supply, essentially creating more debt,” he states. This creates a cycle of borrowing and inflation that benefits the government but harms everyday citizens who watch their savings lose value. In contrast, Bitcoin provides a way out of this system. “With Bitcoin, you don’t need to be in debt to participate in the economy. It’s a form of money that doesn’t require borrowing or printing,” he says. The economist believes that Bitcoin’s technological advantages and fixed supply make it the ideal money for the modern age. “Bitcoin is a form of money that is more scarce, portable, and secure than gold,” he concludes. “It offers a solution to the problems caused by fiat currencies and offers a future where money is no longer tied to government debt and manipulation.” With more people realizing Bitcoin’s revolutionary potential, its value continues to rise as a monetary asset that will outlast and outperform gold in the coming years. A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.
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