Magic Eden’s Token Crashes 55% After Airdrop Chaos and App Failures

TL;DR Magic Eden’s native token, ME, launched through an airdrop, initially surged to $17 but faced a 67% drop due to technical glitches and user frustrations. Users encountered numerous issues with the Magic Eden app, leading to a rapid decline in the token’s value, with its market capitalization falling from $1.6 billion to around $700 ... source: https://crypto-economy.com/magic-edens-token-crashes-55-after-airdrop-chaos-and-app-failures/