Magic Eden price decline: Following the airdrop where 75% of 125 million ME tokens were claimed, Magic Eden’s price dropped to an all-time low. Approximately 80% of claimants sold their allocation, suggesting quick liquidity was prioritized over long-term investment.
Current market situation: Magic Eden’s price is stabilizing around 4 USD, a critical support level. Resistance levels are at 4.69 USD and 5.10 USD. With only 8.3% of wallets holding tokens, market bullish momentum is significantly challenged.