[ad_1]
The price of Magic Eden (ME) is struggling after the airdrop, with 75% of the 125 million Tokens received. The majority of activity occurred in the first hour, with over 60 million tokens received, while the remaining 25% is expected to be received gradually without causing significant price disturbance.
Approximately 80% of takers sold their entire allocation, and only 8.3% still hold all Tokens, indicating limited long-term interest from takers. As ME fluctuates around key support levels, the ability to hold at $4 or overcome resistance levels at $4.69 and $5.10 will determine the next price direction.
User Received 75% Available ME
In the 125 million ME Token airdrop, approximately 94 million were received. This is 75% of the total supply.
As expected, the initial wave of activity saw over 60 million Tokens received in the first hour.
The remaining 25% of Tokens will likely be received gradually over the coming days, as most recipients who want to sell or spend their Tokens have probably already done so. The slow rate of Token acquisition helps minimize the possibility of a sudden sell-off that could have a major impact on ME’s price.
Therefore, the unclaimed portion is expected to have minimal impact on the price of ME.
About 80% of Recipients Sold Their Entire ME
To date, 133,888 wallets have received ME Tokens, with 108,070 wallets — approximately 80% — having sold their entire allocation from the airdrop.
If we include wallets that sold at least 25% of their tokens, this number increases to 121,617, or 90% of the total number of participants.
Only 11,175 wallets, or 8.3%, chose to keep all of the ME airdrops. Only 1,276 wallets — or 0.95% — purchased additional ME after receiving the Tokens, in one of the most anticipated airdrops in the Solana ecosystem this year.
This suggests that while there was little enthusiasm for post-airdrop accumulation, most participants viewed the event as a short-term liquidity opportunity rather than a long-term investment.
ME Price Prediction: Could Return to $5?
If the current downtrend continues, Magic Eden’s price could test the $4 level as the next key support. A break below this level could signal the possibility of further weakness, which could lead to more sustained selling pressure.
Still, the $4 level will likely constitute a strong trading floor, and staying above this level could prevent a sharp short-term decline.
On the other hand, if positive momentum emerges, Magic Eden could recover and test the $4.69 resistance. Breaking above this resistance could pave the way for a rally to $5.10. If this happens, ME has the potential to reach $5.72 if buying activity intensifies.
These resistance levels are likely to play an important role in determining whether ME can resume strong upward momentum.
General Bitcoin News
[ad_2]
