Magic Eden, a prominent non-fungible token (NFT) marketplace, experienced a disappointing launch for its airdropped coin. The marketplace had allocated 12.5% of its total supply to the airdrop, which attracted attention from major crypto exchanges including Binance, Upbit, Bithumb, Coinbase, and OKX. Following the launch, the value of the airdropped token reached an all-time high of $17, making it the third-largest free token distribution event ever. However, the token quickly plummeted to an all-time low of $4.42, currently trading at $5.71. Despite the selloff, the token still has a significant daily trading volume and ongoing demand. The token distribution process has faced complaints about complexity and technical issues with the Magic Eden wallet.



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