Bitget App
Trade smarter
Open
HomepageSign up
Bitget>
News>
Recently Launched Altcoin Nosedives After Major Airdrop

Recently Launched Altcoin Nosedives After Major Airdrop

Cryptodnes2024/12/14 20:22
By: Cryptodnes
BTC-0.14%ME+1.57%EDEN0.00%

A recently launched altcoin has struggled to maintain price stability following its highly anticipated airdrop, with 75% of the 125 million distributed tokens already claimed.

Magic Eden (ME), the project behind the token, saw a surge of activity within the first hour, during which over 60 million tokens were claimed . The remaining 25% are expected to be gradually claimed in the coming days, likely minimizing the risk of sudden sell-offs that could heavily impact the token’s value.

Wallet data reveals that nearly 80% of claimants have sold their entire allocation, using the airdrop as an opportunity for short-term liquidity. Of the 133,888 wallets that participated, only 8.3% have chosen to retain all their tokens, and less than 1% of participants opted to buy more ME after the airdrop. This highlights limited enthusiasm for the token as a long-term investment.

Currently, ME’s price hovers near critical support levels. A breach below $4 could spark further declines, while holding above this level might signal a potential recovery. Resistance at $4.69 and $5.10 remains a challenge, and overcoming these barriers will be crucial for any upward momentum.

READ MORE:
Argentina’s President Proposes Bitcoin Integration and Tax Reform

The airdrop’s mixed reception underscores the difficulty of sustaining long-term engagement after such events. Magic Eden now faces the challenge of fostering renewed interest and demonstrating value to investors, which will be key to stabilizing and improving the token’s market performance.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

New spot margin trading pair — HOLO/USDT!
Bitget Announcement2025/09/12 07:46
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

Bitget-RWA2025/09/12 06:14
OPEN has dropped by 189.51% within 24 hours during a significant market pullback

- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

Bitget-RWA2025/09/12 06:14
New spot margin trading pair — LINEA/USDT!
Bitget Announcement2025/09/11 10:04

Trending news

More
1
New spot margin trading pair — HOLO/USDT!
2
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

Crypto prices

More
Bitcoin
Bitcoin
BTC
$115,924.2
+0.72%
Ethereum
Ethereum
ETH
$4,699.34
+3.69%
XRP
XRP
XRP
$3.15
+4.40%
Tether USDt
Tether USDt
USDT
$1
+0.03%
BNB
BNB
BNB
$941
+3.75%
Solana
Solana
SOL
$240.72
+0.75%
USDC
USDC
USDC
$0.9998
-0.00%
Dogecoin
Dogecoin
DOGE
$0.3032
+14.96%
Cardano
Cardano
ADA
$0.9480
+6.74%
TRON
TRON
TRX
$0.3511
+0.81%
How to sell PI
Bitget lists PI – Buy or sell PI quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now
Trade smarter