Magic Eden (ME) Token Volume Nosedives by $4 Billion as NFT Activity Weakens

BE[IN]CRYPTO12-12

Magic Eden's token volume dropped from $5.50 billion to $1.58 billion within the last 24 hours. On-chain data shows the NFT volume also plunged to $154,000 from last week's peak of $3 million. ME ...

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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) Token Volume Nosedives by $4 Billion as NFT Activity Weakens\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-12 20:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://beincrypto.com/magic-eden-token-volume-nosedives/><strong>BE[IN]CRYPTO</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Magic Eden's token volume dropped from $5.50 billion to $1.58 billion within the last 24 hours.\nOn-chain data shows the NFT volume also plunged to $154,000 from last week's peak of $3 million.\nME ...</p>\n\n<a href=\"https://beincrypto.com/magic-eden-token-volume-nosedives/\">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-token-volume-nosedives/","article_id":"2490938383","we_media_id":null,"thumbnails":["https://beincrypto.com/wp-content/uploads/2024/05/bic_NFT-covers_neutral-850x482.jpg.optimal.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2490938383","pubTimestamp":1734006600,"columns":[],"sourceInfo":{"source_id":"beincrypto_highlight","name":"BE[IN]CRYPTO"},"weMediaInfo":null,"summary":"Magic Eden's token volume dropped from $5.50 billion to $1.58 billion within the last 24 hours.On-chain data shows the NFT volume also plunged to $154,000 from last week's peak of $3 million.ME continues to trade within a descending channel, suggesting that the price could drop to $4.93.ME, the token launched by Magic Eden, a leading NFT marketplace, has seen its volume plunge significantly. This crash could be linked to declining interaction with the token since its airdrop some days back.However, trading volume is not the only part of the Magic Eden ecosystem affected. This on-chain analysis reveals what else and how the price might fare in the coming days.Magic Eden Sees Waning Interest in Two Major Areas. Data from Santiment shows that the Magic Eden volume was nearly $5.50 billion on Wednesday, December 11. As of this writing, the same metric has decreased to $1.58 billion, indicating that it declined by approximately $4 billion.Trading volume represents the total number of buy an","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","ME":"23andMe, Inc.","BK4196":"保健护理服务"},"translate_title":"随着NFT活动减弱，Magic Eden(ME)代币交易量暴跌40亿美元","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ME":1},"content_text":"Magic Eden's token volume dropped from $5.50 billion to $1.58 billion within the last 24 hours.\nOn-chain data shows the NFT volume also plunged to $154,000 from last week's peak of $3 million.\nME continues to trade within a descending channel, suggesting that the price could drop to $4.93.\n\nME, the token launched by Magic Eden, a leading NFT marketplace, has seen its volume plunge significantly. This crash could be linked to declining interaction with the token since its airdrop some days back.\nHowever, trading volume is not the only part of the Magic Eden ecosystem affected. This on-chain analysis reveals what else and how the price might fare in the coming days.\nMagic Eden Sees Waning Interest in Two Major Areas\nData from Santiment shows that the Magic Eden volume was nearly $5.50 billion on Wednesday, December 11. As of this writing, the same metric has decreased to $1.58 billion, indicating that it declined by approximately $4 billion.\nTrading volume represents the total number of buy and sell transactions for a specific cryptocurrency asset within a given time frame, typically measured daily. When the volume increases, it means that there is a lot of interaction with the cryptocurrency.\nOn the other hand, a decrease in volume indicates reduced buying and selling, which makes it challenging for the price action to increase. Interestingly, this decline in volume coincides with ME’s 54% price decrease since its launch on Tuesday. Should the volume continue to fall, then the altcoin’s value might not experience a quick rebound from $5.15.\nMagic Eden Token Volume. Source: Santiment\nLike the token’s trading volume, the total NFT trade volume has also tanked. NFT trade volume represents the total value of transactions, measured in US dollars, involving non-fungible tokens within a specific marketplace during a given measurement period.\nAccording to on-chain data, the volume was over $3 million on December 4. As of this writing, that value has declined to $154,000, indicating that the number of NFTs bought and sold on the Magic Eden marketplace is no longer at the height it was last week.\nShould the platform continue to experience this decline, it might also affect the demand for the ME token, which is also the marketplace’s utility token.\nMagic Eden NFT Trades Volume. Source: Santiment\nME Price Prediction: Soon to Lose $5 Support\nAt first glance, the 1-hour ME/USD chart shows that the altcoin is trading within a descending channel. A descending channel, characterized by lower highs and lower lows, indicates a bearish market trend. This pattern suggests that sellers have the upper hand, consistently driving the price downward.\nConsidering that this is happening with the Magic Eden token volume declining, then the price might go lower. If this remains the case, then ME’s price could decline to $4.93 in the short term.\nMagic Eden 1-Hour Analysis. Source: TradingView\nOn the flip side, if bulls defend the price at the support level of $5.13, this forecast might not happen. In that case, the cryptocurrency’s value might climb to $7.19.\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":"-1","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/2490938383"}