Magic Eden‘s newly launched token lost value at launch after users complained about issues such as a faulty mobile app and a complicated claims process.

The platform’s self-titled token, Magic Eden (ME), was released on December 10 at a price of $6.70 and briefly rose to $13.10, before dropping by 67% to $4.30, according to DexScreener data.

The price of ME later rebounded and was trading around $8.60 at the time of publication.

The price of Magic Eden’s ME token has fluctuated following the airdrop. Source: DexScreener

Users’ Reactions to ME Token

The airdrop process faced issues as users found the token claiming procedure complicated, and Magic Eden‘s mobile app was buggy and difficult to use.

One user wrote on X platform on December 10, “My app is stuck, can’t claim, people are dumping ME like hot cakes. Awesome.”

Another user said, “Why make this so complicated? I don’t understand why you would do this.” Users were also confused about whether the tokens could only be claimed via mobile or if desktop access was also possible.

One user asked Magic Eden, “Can you only claim on mobile? Or can I claim on desktop? Mobile shows an unclickable ‘claim now,’ and desktop only shows ‘stake now.'”

To claim ME, users had to download Magic Eden‘s mobile app, scan a QR code on a desktop device (such as a laptop), link their eligible wallets, and then claim their allocated airdrop.

Magic Eden’s tweet:

Another crypto user, wale.moca, said in a post on X on December 10, “I would give up 50% of my $ME airdrop just to never use this f*cking mobile app again.”

Additionally, the airdrop claim website faced frequent downtime, with many complaints from users about the site being inaccessible due to a significant spike in traffic as users rushed to claim their promised ME tokens.

Magic Eden notified users about three hours after the claim process began that the issue had been resolved.

ME Tokenomics

The ME token, released by the Magic Eden Foundation behind Magic Eden, has a total supply of 1 billion, with 125 million tokens allocated to the NFT platform’s users until February 1, 2025.

Of the total supply of 1 billion, 12.5% was allocated to the airdrop, 50% was reserved for community incentives, and the remaining 37.5% was allocated to contributors and strategic participants.

At the time of publication, the ME token had a total market capitalization of $776 million and a fully diluted valuation (FDV), calculated by multiplying the token’s price by the unreleased supply, of $5.9 billion.

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