Magic Eden ME token drops 67% amid user complaints

Magic Eden's (CRYPTO:ME) newly launched ME token has experienced a significant price drop following its debut, as users reported multiple issues with the platform's app and claiming process.

The ME token was introduced on December 10 at an initial price of $6.70, briefly rising to a high of $13.10 before plummeting by as much as 67% to a low of $4.30, according to data from DexScreener.

As of the latest updates, the token has rebounded slightly and is trading at just over $8.60.

The airdrop associated with the ME token was marred by user complaints about the claiming process, which many found overly complicated. 

Users were required to download Magic Eden’s mobile app, scan a QR code on a desktop device, link their eligible wallets, and then claim their allocated tokens.

“My app is stuck, can’t claim, people dumping ME like hot cakes. Awesome,” one frustrated user posted on X.

Another user expressed confusion regarding whether claims could be made on desktop or only via mobile, stating, “Can you only claim on mobile? Or can I claim on desktop?”

The app's glitches and the complexity of the claiming process led to widespread dissatisfaction among users.

“I would give up 50% of my $ME airdrop just to never use this f*cking mobile app again,” joked one user in a post.

Additionally, there were reports that the claims website experienced intermittent downtime due to high traffic as users rushed to claim their tokens.

Magic Eden eventually notified users about three hours after the claim went live that the issues had been resolved.

Regarding tokenomics, the ME token has a total supply of 1 billion, with 125 million tokens available for users until February 1 of next year.

Of this total supply, 12.5% was allocated for the airdrop, while 50% is reserved for community incentives and 37.5% for contributors and strategic participants.

At the time of reporting, the Magic Eden price was $5.73.