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Cryptocurrency News Articles

Magic Eden's ME Token Rallies as NFT Marketplace Trading Volume Hits 4-Month High

Dec 28, 2024 at 07:23 am

Solana-based NFT marketplace Magic Eden's native token (ME) rallied as trading activity climbed to the highest since August.

Magic Eden's ME Token Rallies as NFT Marketplace Trading Volume Hits 4-Month High

Solana-based NFT marketplace Magic Eden's native token (ME) fiyatı sharply rose on Dec.27, reaching levels not seen since mid-December.

ME fiyatı soared to $4.04 on Tuesday, reaching a market capitalization of $527 million. The token fiyatı rose by 2.6% in the past 24 hours and 28% over the past seven days, to the highest since Dec. 14, according to CoinGecko.

This performance contrasts with the broader cryptocurrency market, which is down 1.8% over the last 24 hours and 3.2% over the past seven days at the time of writing.

ME fiyatı rebounded after dropping to $2.50 following its all-time high. The token's fiyatı sharply rose after its launch on Dec.10, driven by a high-profile airdrop that captivated the crypto community.

ME fiyatı'nın recent rebound coincides with a surge in NFT trading activity on Magic Eden. The platform recorded $124 million in trading volume across all chains in December to date, a 65% increase compared to the $75 million recorded in November, and the highest since August, according to data compiled by Dune Analytics.

However, trading volume on the platform has dropped by 67% in the past seven days, compared to the previous week, according to Dune.

Alice Shikova, marketing lead at digital identity platform SPACE ID, told The Defiant that ME's recent surge can be attributed to several factors.

“ME’s Binance listing and a substantial airdrop distribution might have contributed to this recent ME price surge," she said. "But this doesn't mean the NFT market is about to experience another 2021—it's just a sign that speculators are looking for easy money in recognizable names.”

“We will likely continue to see such pumps for individual projects in the future, but it will take more than one or two to convince us that the NFT market is truly coming back to life," she added.

Magic Eden trading volume dropped 85% from its peak

Even after the jump in Magic Eden trading volume in December, activity this month represents an 85% decrease from its peak trading volume of $834 million in March, the highest for the year.

Trading volume dropped across all chains, but the decline was particularly pronounced on Solana and Bitcoin, which includes activity from Runes and Ordinals. Bitcoin accounted for only $33 million in trading volume in December, a 93% decrease compared to the $479 million recorded in March. Solana's trading volume dropped by 88%, falling from $227 million in March to $28 million in December.

In December, the platform has recorded approximately 284,000 NFT sales so far, a 7% decrease from November’s 304,000 sales. December’s sales also represent an 85% drop from the 1.9 million sales achieved in May, the highest recorded for the year.

News source:thedefiant.io

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