On November 19, 2024, the ME Foundation revealed plans for a significant airdrop of its ME token, aimed at users of Magic Eden's Bitcoin exchange and cross-chain NFT platform. The airdrop will distribute 12.5% of the total ME supply of 1 billion tokens, equating to 125 million tokens valued at approximately $312 million based on a pre-market price of $2.50, which has surged by 233% in the past 24 hours on a trading volume of $193,000.
This airdrop ranks among the largest in crypto history, matching allocations made by competitors like Tensor and surpassing Jupiter's 10% community distribution. An additional 225 million ME tokens are set aside for future airdrops to active users, with CEO Jack Lu indicating that users can earn ME through regular engagement with Magic Eden's products.
Despite the excitement, users express concerns regarding the conversion of the existing rewards system, Diamonds, into ME tokens. Clarity on this process and the token generation event is still pending, with an eligibility checker to be launched shortly.
Since its inception as a Solana NFT marketplace, Magic Eden has expanded to include Bitcoin and Ethereum, becoming a leading on-chain marketplace with over $1.12 billion in trading volume and a 33% market share in the last six months.