Magic Eden’s local token ME has started to recover after experiencing a significant decline since its launch. The fluctuations in the price of the ME token unexpectedly affected market sentiment. However, recent improvements have led to varying expectations regarding the token’s future. These developments indicate an important milestone for the ME token.
Airdrop Impact and Rising Demand
The ME token gained attention due to a recent large-scale airdrop. This airdrop significantly increased demand for the ME token, causing its price to surge rapidly. The token reached an all-time high of $13.24, although it subsequently lost value. Recently, the ME token climbed to $3.87, reflecting a 10% increase. This rise is seen as a sign of growing market interest and trading volume, with the trading volume reaching $1.17 billion, representing a 130% increase.
Technical Analysis and Future Expectations
The price recovery of the ME token is also supported by technical analyses. The RSI indicator is close to the oversold zone, suggesting the potential for further price increases. However, for the token to reach prime levels, it requires an additional increase of 70-75%. Investors are exercising caution regarding the future of the ME token. In the most optimistic scenario, the token price could exceed $5 in the long term, with some experts predicting it may reach $50 with the upcoming NFT season.
Magic Eden distributed 125 million ME tokens following the airdrop. The value of these tokens is approximately $4.8 billion at the current price. This value could rise further with increased prices. Investors are adopting careful strategies to capitalize on the potential of the ME token. Uncertainties in the cryptocurrency market may affect price movements.