Magic Eden is just a day away from its token generation event for the native ME asset. Speculations of a Binance listing appeared even before the event’s official launch.
Magic Eden is preparing for its token generation event, expected on December 10. The ME asset is one of the high-profile airdrops at the end of the year. Magic Eden took one of the top positions for mindshare on social media. The Magic Eden airdrop follows the announcement of PENGU, the token of the Pudgy Penguins collection. The ME launch also follows the Hyperliquid airdrop, one of the more valuable token distributions in 2024.
Speculations of the token’s future emerged, especially about its potential listings. ME claims will open at 2 PM GMT on Tuesday, but the asset may not have an immediate mechanism for price discovery.
Tomorrow is the big day, and no, we’re not talking about your wife’s boyfriend’s birthday.$ME claim starts at 2PM GMT on 12/10 📌
Remember to ONLY engage with official communications from @MagicEden and @MEFndn.
DO NOT click links from anywhere else as they are likely scams. pic.twitter.com/BXZqRPCM9a
— Magic Eden 🪄 (@MagicEden) December 9, 2024
ME will launch with high expectations and a conservative launch price of around $3. Others predict an initial price of $5, or $10 in an extreme hype scenario. The ME ticker is already trading in pre-market speculation, with prices as high as $4.65, suggesting a higher range for the first hours of trading. Pre-launch markets were also available on Aevo, starting out at $2.20 before rallying to levels above $4.50.
Magic Eden bets on renewed interest for NFT and on long-term users to revive its activity. The launch of the ME token also comes as OpenSea aims to reopen its new NFT trading platform by the end of the year.
Magic Eden has advised against following any alternative token generation links or airdrop suggestions, while only using its official information channels for the airdrop and the start of trading. ME tokens will be immediately available for swaps through the Phantom wallet, though with some restrictions based on available trading pairs.
User expectations are for ME airdrops to be worth a few hundred dollars. However, some long-term NFT holders and traders were surprised to have a relatively small allocation. The expectations are that not all activities will boost the ME airdrop, but there may be a higher allocation for the holders of the Magic Eden Diamond Collection.
Is Binance preparing for a ME listing?
The actual ME token has not yet been created, and Magic Eden has not announced an official smart contract. Despite this, on-chain researchers are pointing to speculations of Binance preparing for deposits. Binance itself has not announced its intentions to list ME. Only OKX mentioned its plans to immediately list the asset, while KuCoin even allows pre-market price discovery.
A wallet tagged as ‘Binance Deposit’ by Arkham Intelligence was tracked for signs of onboarding ME. This wallet was the creator and owner of another token account, tagged as ‘Magic Eden’.
This token account leads to a smart contract with an ME and a ‘Magic Eden’ tag, but not yet a verified status. The ME contract is linked to other small-scale wallets as owners, and the distribution in percentage terms is not similar to the previously announced ME tokenomics.
The only available ME token at the moment was minted in a single transaction 19 days ago in late November, with most of the tokens held back ahead of the expected distribution.
For now, the best approach is to keep track of the verified token addresses, while avoiding speculative assets. While potentially connected to Binance, the current ME token transactions are not yet reliable.
The newly launched ME asset is also showing low-grade trading activity, raising more doubts about whether it is the real token. When the official contract is announced, Magic Eden will also announce the first listings. However, data from Birdeye shows addresses are trying to send SOL liquidity even before the formation of a trading pair.
The other disparity is that ME is intended to become a multi-chain token, with launches on Bitcoin, Ethereum, Solana, and Polygon.
The December 10 airdrop will distribute 12.5% of the total supply. Over time, the community will receive 50.2% of the total token supply. The goal of ME is to serve as a governance token, making decisions on the NFT market.
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