Magic Eden’s native token, ME, has begun to recover after a major decline following its launch. Fluctuations in the price of the ME token affected investors in an unexpected way. However, with the improvement in recent days, different expectations about the future of the token come to the fore. These developments mark an important turning point for the ME token.
Airdrop Effect and Increase in Demand
The Magic Eden token has attracted attention thanks to a recent major airdrop. The airdrop increased demand for the ME token, causing the price to skyrocket. The token hit an all-time high of $13.24, but then fell in value. In recent days, the ME token has climbed to $3.87 with an increase of 10%. This rise is considered an indicator of increasing investor interest and transaction volume. Finally, trading volume increased by 130% to $1.17 billion.
Developments in the NFT market played an important role in the recovery of the ME token. Magic Eden continues to grow steadily as a multi-chain NFT marketplace. The increase in NFT demand supports the appreciation of the ME token. Additionally, the NFT season is expected to begin in the next 4-5 months. The increased interest in the ME token during this period is seen as a positive signal by investors. Some analysts predict that the ME token could experience a 50% increase in value in the bull market.
Technical Analysis and Future Expectations
The improvement in the price of the ME token is also supported by technical analysis. Since the RSI indicator is close to the oversold zone, there is a possibility that the price will rise further. However, another 70-75% increase is required for the token to reach its prime level. Investors are cautious about the future of the ME token. In the most optimistic scenario, the price of the token could rise to $5 and above in the long run. Some experts predict that the ME token may reach $50 with the arrival of the NFT season.
Magic Eden distributed 125 million ME tokens after the airdrop. The value of these tokens is approximately $4.8 billion at the current price. This value may increase further with the price increase. Investors are following careful strategies to benefit from the potential of the ME token. Uncertainties in the cryptocurrency market may affect price movements.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
