Magic Eden (ME) Tumbles 54% Following Massive 125 Million Token Airdrop

BE[IN]CRYPTO12-12

Magic Eden’s ME token plummeted 54% after a controversial 125 million token airdrop on December 10, sparking a wave of sell-offs. The token’s Balance of Power (BOP) and Relative Strength Index (RSI) ...

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMagic Eden (ME) Tumbles 54% Following Massive 125 Million Token Airdrop\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-12 03:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://beincrypto.com/magic-eden-tumbles-following-airdrop/><strong>BE[IN]CRYPTO</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Magic Eden’s ME token plummeted 54% after a controversial 125 million token airdrop on December 10, sparking a wave of sell-offs. \nThe token’s Balance of Power (BOP) and Relative Strength Index (RSI) ...</p>\n\n<a href=\"https://beincrypto.com/magic-eden-tumbles-following-airdrop/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4121","symbol_name":"生命科学工具和服务","start_time":0,"source_url":"https://beincrypto.com/magic-eden-tumbles-following-airdrop/","article_id":"2490925038","we_media_id":null,"thumbnails":["https://beincrypto.com/wp-content/uploads/2023/06/bic_NFT_Marketing_4-covers_bearish-850x478.png.webp"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2490925038","pubTimestamp":1733943600,"columns":[],"sourceInfo":{"source_id":"beincrypto_highlight","name":"BE[IN]CRYPTO"},"weMediaInfo":null,"summary":"Magic Eden’s ME token plummeted 54% after a controversial 125 million token airdrop on December 10, sparking a wave of sell-offs.The token’s Balance of Power  and Relative Strength Index  indicators show strong bearish sentiment, with sellers dominating the market.If selling continues, ME is at risk of dropping to its all-time low of $4.13, although a potential rebound could push it back to $9.66.The price of ME, the token that powers the Magic Eden NFT marketplace, has declined 54% over the past 24 hours. This drop comes after the completion of its highly criticized 125 million token airdrop conducted on December 10.As of this writing, ME trades at $4.99 and is poised to extend this decline.However, the complicated claim process and technical issues frustrated many users, leading to a wave of sell-offs that caused ME’s value to drop 54% in just 24 hours. As of this writing, ME trades at $4.99.However, if demand for the Magic Eden token resurges, its price may correct and climb toward ","collect":0,"end_time":0,"defaultTopTitle":"beincrypto.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4121":"生命科学工具和服务","RSI":"Rush Street Interactive, Inc.","ME":"23andMe, Inc.","BK4150":"赌场与赌博","BK4196":"保健护理服务"},"translate_title":"大规模空投1.25亿代币后，Magic Eden(ME)股价暴跌54%","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ME":1,"RSI":1},"content_text":"Magic Eden’s ME token plummeted 54% after a controversial 125 million token airdrop on December 10, sparking a wave of sell-offs. \nThe token’s Balance of Power (BOP) and Relative Strength Index (RSI) indicators show strong bearish sentiment, with sellers dominating the market. \nIf selling continues, ME is at risk of dropping to its all-time low of $4.13, although a potential rebound could push it back to $9.66.\n\nThe price of ME, the token that powers the Magic Eden NFT marketplace, has declined 54% over the past 24 hours. This drop comes after the completion of its highly criticized 125 million token airdrop conducted on December 10. \nAs of this writing, ME trades at $4.99 and is poised to extend this decline. \nMagic Eden’s Token Faces Headwinds\nOn Tuesday, NFT marketplace Magic Eden conducted the airdrop of 125 million ME tokens, representing 12.5% of its total supply of 1 billion. Following the airdrop, ME’s value surged instantly, hitting $30 on certain exchanges.\nHowever, the complicated claim process and technical issues frustrated many users, leading to a wave of sell-offs that caused ME’s value to drop 54% in just 24 hours. As of this writing, ME trades at $4.99.\nBeinCrypto’s assessment of the ME/USD one-hour chart confirms the uptick in bearish sentiments toward the altcoin. This is reflected by its Balance of Power indicator, whose value is below zero at -0.70 at press time.\nME Balance of Power. Source: TradingView\nThe BOP indicator measures the strength of buyers versus sellers by analyzing price movements within a given period. When an asset’s BOP is negative, sellers dominate, indicating bearish market sentiment or downward pressure on the asset’s price.\nAdditionally, ME’s Relative Strength Index confirms this bearish outlook. At press time, this is at 47.21 and remains in a downward trend.\nThe RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100, with values above 70 suggesting that the asset is overbought and due for a correction.\nME Relative Strength Index. Source: TradingView\nOn the other hand, values below 30 indicate that the asset is oversold and may witness a rebound. An RSI reading of 47.21 confirms a gradual uptick in selling pressure as bearish sentiment gains momentum.\nME Price Prediction: Selloffs Put Token at Risk of Dropping to All-Time Low\nAt press time, ME trades at $4.99, slightly above its all-time low of $4.13. If ME holders continue to sell off, the price will plunge to this support and may break below it if the bulls fail to defend it.\nME Price Analysis. Source: TradingView\nHowever, if demand for the Magic Eden token resurges, its price may correct and climb toward $9.66.\n\n\n\n\n🎄Best crypto platforms in Europe | December 2024\n\n\n\neToro\nExplore\n                      \n\n\n\n\n\nWirex\nExplore\n                      \n\n\n\n\n\nYouHodler\nExplore\n                      \n\n\n\n\n\nPhemex\nExplore\n                      \n\n\n\n\n\nMargex\nExplore\n                      \n\n\n\n\n\n\n\n\n🎄Best crypto platforms in Europe | December 2024\n\n\neToro\n\n\n\n\n\n\n\n\nWirex\n\n\n\n\n\n\n\n\nYouHodler\n\n\n\n\n\n\n\n\nPhemex\n\n\n\n\n\n\n\n\nMargex","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2490925038"}