Ethereum Updates Today: MegaETH's $27.8 Billion Valuation Challenges Market as Altcoin Supply Increases
- MegaETH's token auction raised $1.39B from 100,000+ participants, achieving a $27.8B FDV through Ethereum-based weighted allocation. - The 5% token sale exceeded 27.8x its $50M cap, with USDT bids capped at $186K per participant and allocations finalizing by November 5. - Backed by Vitalik Buterin and Joe Lubin, MegaETH positions itself as Ethereum's high-speed scaling solution with "instant" transaction speeds. - Market analysts highlight supply pressure from $650M+ altcoin unlocks but note MegaETH's se
MegaETH has wrapped up its public token sale, drawing in $1.39 billion in total subscriptions, based on figures gathered from the
During the auction, 5% of MegaETH’s 10 billion total tokens were made available, and the commitments surpassed the $50 million target by over 27.8 times, CryptoBriefing reported. Bids were made in USDT, with each participant limited to a maximum of $186,282. According to the project’s whitepaper, allocations will be finalized by November 5, with settlement and refunds to follow soon after, Crypto.news reported. U.S. investors had to lock their tokens for a year, while non-U.S. buyers could also choose a lockup to improve their allocation odds, Yahoo Finance noted.
MegaETH’s swift fundraising has been likened to other major DeFi capital raises in 2025, such as Andre Cronje’s $200 million round, according to
Reports have shown considerable variation in the auction’s implied valuation. Initial data from
Analysts have pointed out the competitive environment facing MegaETH. With more than $650 million in altcoin unlocks expected in late 2025, the MEGA token’s debut will contend with significant supply pressure, Yahoo Finance observed. Still, supporters believe MegaETH’s innovative features—like sequencer rotation and proximity markets—could support its valuation as Ethereum continues to face scaling hurdles, CryptoBriefing added.
The strong outcome of the sale highlights increasing interest from both institutions and retail investors in layer-2 solutions, as Ethereum’s congestion and high gas fees persist. As allocation details are finalized, the market will be watching closely to see if MegaETH’s token distribution matches its promises of fair community participation and sustainable value, Crypto.news reported.
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.
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