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Magic Eden Token Airdrop Date Set as Pre-Market Value Hits $562 Million
Published
1 month agoon
By
adminThe ME Foundation will launch its Solana-based ecosystem token—ME, which is aligned with leading NFT marketplace Magic Eden—on December 10, a representative told Decrypt.
The airdrop, which traders anticipate may be worth more than $500 million based on pre-market trading prices, will reward users of Magic Eden’s Bitcoin exchange and cross-chain NFT marketplace. The token will be claimable exclusively through the Magic Eden Wallet app.
Specifics regarding the conversion of Magic Eden Diamonds, the platform’s existing rewards program, to the ME token have not been revealed. However, the spokesperson said that allocations are expected to be based on factors such as “organic” trading activity, cross-chain trading, and “loyalty” or historical use of eligible platforms.
While users will not find out their allocations until December 10, they will be able to check their eligibility for the airdrop in the days before the claim using a tool that will be released by the ME Foundation.
When the claim officially opens on December 10, 12.5% of the total 1 billion ME supply (125 million tokens) will be immediately unlocked and offered to eligible Magic Eden users to claim. An additional 22.5% of the supply, or 225 million ME tokens, will be set aside to incentivize future use of ME Foundation protocols and related platforms.
The ME token has jumped up to $4.50 in pre-market trading via Whales Market, though trading volume has subsided since additional token details were announced on Monday. At that price, the ME airdrop would reward users with over $562 million on claim day. Coinbase’s pre-market trading platform puts the price lower at $3.41, however.
Magic Eden started as a Solana NFT marketplace, but has since grown to become the leading Bitcoin Runes and NFT exchange while maintaining the highest market share among all NFT marketplaces in the last six months according to data from Tiexo.
Edited by Andrew Hayward
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Perpetual DEX Hyperliquid to Launch Native Token Following Bullish October
Published
4 weeks agoon
November 29, 2024By
adminHyperliquid, a decentralized perpetuals exchange, is challenging the conventional wisdom that venture capital is essential for success in crypto. Instead, it claims it’s relying on its touted tech and community-first approach.
The DEX’s Hyper Foundation, which oversees development, announced Thursday its token generation event, slated for early Friday at 2:30 AM ET, alongside an airdrop.
Over the past year, Hyperliquid has expanded from an exchange into a “full financial system,” claiming its liquidity now “rivals” that of “top exchanges,” its foundation said Thursday on X, formerly Twitter.
In October, Hyperliquid surpassed Jupiter and SynFutures, clocking a record $1.39 billion in daily trading volume, DeFiLlama derivatives data shows.
“The HYPE genesis event marks a key milestone in the journey, unlocking core functionality at every level of the stack,” it said.
Based on data from Aevo, a derivatives tracking platform, Hyperliquid has a projected valuation of $3 billion. At that valuation, the planned 310 million HYPE tokens allocated for the 31% community airdrop would be worth nearly $1 billion, marking Hyperliquid’s “genesis event” as one of the largest in DeFi, the project claims.
Once launched, the HYPE token will integrate directly into Hyperliquid’s core operations, the project said. Decrypt has reached out to Hyperliquid to learn more.
Beyond traditional governance roles, the token will also provide functionality for staking and transaction fees while enabling direct USDC trading pairs on the platform’s spot market.
What’s different?
Hyperliquid runs on a blockchain designed specifically for high-speed trading and financial applications. The platform uses HyperBFT, a proof-of-stake system that can process transactions almost instantly while maintaining security through network consensus.
The project is currently ranked as the top decentralized exchange for derivatives, posting $1.6 billion in 24-hour volume, according to data from DeFiLllama. Its all-time volume sits at roughly $428 billion.
Hyperliquid said in a blog post on Thursday there would be “no allocations for private investors, centralized exchanges, or market makers,” an approach that departs from how other projects typically allocate during launch, which often includes significant portions reserved for early backers and project leaders.
“No investors. No paid market makers. No fees to any company. Community first,” Hyperliquid claims on its website.
Still, roughly 24% of the tokens will be allocated to current and future core contributors of the network, and a further 6% will go towards the “Hyper Foundation budget,” the exchange said.
Edited by Sebastian Sinclair
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Seven Things to Tell Your Crypto-Curious Relatives at Thanksgiving
Published
4 weeks agoon
November 28, 2024By
adminIt’s turkey time, and you know what that means: mountains of food, lots of reclining, and endless conversations with family members who describe what you do in passing as “computers.”
Well, dear reader, fear not because this year won’t be like the last few Thanksgivings. Crypto isn’t in the depths of a bear market, and your cousin doesn’t think you’re a crook anymore.
Now crypto is ascending again—and everyone wants financial advice, just like Thanksgiving from three years ago.
Below is a compiled list of handy talking points for your crypto-curious relatives, covering the industry’s most significant, recent developments. Stick to the facts, avoid shilling meme coins to the elderly, and you’ll be cruising to pie in no time.
Bitcoin just hit an all-time high price—why?
Bitcoin came within a few hundred bucks of the vaunted $100,000 milestone last week, and while the price has retreated a bit recently, it returned above $97,000 earlier Wednesday.
What’s driving the demand that’s pushed Bitcoin’s price record in recent weeks? Institutional and retail investors have expressed optimism that there will soon be a more favorable regulatory climate for digital assets in the U.S.
That’s thanks to the victory of self-proclaimed crypto enthusiast Donald Trump, along with the election of the most pro-crypto Congress to date.
Meanwhile, institutional investors’ forays into spot Bitcoin ETFs have also given traders reason to be optimistic, pumping up the price of Bitcoin over the year. In short, Bitcoin is more “legit” than ever in the eyes of Wall Street and politicians.
ETFs have made crypto investing simpler and safer
Your folks may have heard that BlackRock and Fidelity—which may be managing their pensions—are now involved in Bitcoin. What are these two Wall Street giants doing with crypto? Well, you can explain: They swallowed the orange pill.
OK, so you probably don’t need to use Crypto Twitter jargon. Still, you can tell them that traditional finance bigwigs now offer exposure to the two largest digital assets, Bitcoin and Ethereum, via exchange-traded funds (ETFs).
Thanks to long-awaited SEC approvals this year, top fund managers who manage different ETFs now let ordinary investors buy shares that track the price of the two via brokerage accounts. Even your technophobic aunt can down the orange pill with a couple of taps on her phone.
Crypto could flourish further under Trump
On the campaign trail this year, Trump made lots of promises about lots of things, including crypto. And while it remains to be seen whether he will live up to many of those commitments, signals are already indicating that he may be holding up the crypto end of the bargain—which could be a massive development for the industry.
First things first: last week, the president-elect nominated Scott Bessent as his Treasury Secretary. Bessent, a billionaire hedge fund manager, has indicated he’d back Trump’s proposal to establish a Bitcoin federal reserve. The plan would see the U.S. buy billions of dollars’ worth of Bitcoin to diversify its reserves.
Think of it this way: If your uncle says Bitcoin has no real value, you might soon be able to tell him the U.S. government backs the asset.
Pair that with Trump’s plans to unwind the SEC’s aggressive crypto crackdown completely, plus his oath to get the Republican-controlled House and Senate to approve laws that would firmly legalize most crypto activity swiftly, and it’s no wonder crypto has exploded in recent weeks. Experts say the market still has much, much higher to climb in the coming months, too.
Elon Musk’s D.O.G.E. is a real thing
The world’s richest man, Elon Musk, now has a role in Trump’s government: The Tesla CEO will lead the Department of Governmental Efficiency (D.O.G.E.) with billionaire Vivek Ramaswamy to supposedly clear up the bureaucracy.
What’s that got to do with crypto, though? Well, the new department’s acronym matches the ticker of Dogecoin, the original and most meme coin. That’s probably not a coincidence.
Elon Musk has for years spoken—and tweeted—about how it’s his favorite coin. This earned him the “Dogefather” title on Twitter, now called X, after he acquired the platform. While we can’t be 100% sure of the naming origins, Trump is selling a DOGE-themed t-shirt featuring himself, Musk, and a Shiba Inu—the mascot of Dogecoin.
Anyone can create a coin—and millions are trading
Don’t want to decide between Bitcoin or Ethereum? If you’d instead launch your own token, you can now do it much more efficiently than ever.
One of the most significant innovations from the most recent crypto cycle has been the creation of token launchpads, or platforms that allow anyone to near-instantly create a token with a few clicks and for a few cents worth of crypto.
The most notable launchpad, Pump.fun, a Solana-based platform, has given rise to some of the most memorable tokens from this cycle. Nearly four million tokens have been created on Pump.fun this year, ranging from animal tokens that have provided early traders with significant riches to those launched by crypto-curious celebrities like musician Iggy Azalea.
It’s getting easier to handle crypto
Crypto’s adoption barriers keep getting knocked down. Consumers now have a wide breadth of mobile app options to buy, sell, and interact with a variety of platforms.
Plus, the rise in smart wallets, which drastically simplify the onboarding process, is making it easier to get those previously intimidated by the technical complexities of crypto to participate on-chain.
With the launch of Ethereum and Bitcoin ETFs, those looking to gain crypto exposure have more traditional financial options. That option didn’t exist in the U.S. last Thanksgiving.
Tread carefully: Scams are still abundant
Are you looking to dive head-first into crypto? Not so fast—you’ll first want to get your sea legs.
The crypto industry is rife with scams, and a seemingly innocuous link to an airdrop could lead you to a wallet drainer: Say goodbye to all your coins!
Even if you manage to keep your crypto out of scammers’ grips, there’s no guarantee you’ll be able to keep your holdings from going to zero. Not many people make money trading crypto, and much fewer are getting rich off of it. Up to 80% of day traders lose money over time, according to a report published in The Journal of Finance.
It’s still incredibly easy to lose your shirt in crypto, whether by clicking a malicious link or betting on highly volatile coins. For newcomers, you’re probably best suited to sticking to the most significant coins via apps like Coinbase, Robinhood, Cash App, or buying into ETFs.
Want to go deeper? Be very careful—you’ll be thankful in the long run.
Written by Sander Lutz, Elizabeth Napolitano, Mat Di Salvo, and Logan Hitchcock
Edited by Sebastian Sinclair
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Chill Guy Meme Coin Pumps Another 50% as Creator Fights Back
Published
4 weeks agoon
November 25, 2024By
adminFrom TikTok trends to crypto wallets, the “Chill Guy” meme has become an internet phenomenon, turning a laid-back cartoon dog into the face of a million-dollar market cap crypto.
Since its November 15 launch, the Chill Guy meme coin ($CHILLGUY) ballooned from a $10 million market cap to over $461 million, driven by the widespread popularity of the Chill Guy character—a relaxed anthropomorphic dog in a grey sweater, blue jeans, and red sneakers.
The Solana-based meme coin has increased in value by 50% over the last 24 hours alone, trading just shy of $0.50, per CoinGecko data. The token’s rise reflects the ongoing craze around meme coins, which continue to defy market norms with their volatile yet lucrative returns.
CHILLGUY features an anthropomorphic brown dog sporting a grey sweater, rolled-up jeans, and red sneakers, captivating audiences with its laid-back demeanor and has become a cultural phenomenon.
Frequently paired with humorous captions on platforms like TikTok, the character embodies a carefree attitude, resonating particularly with Gen Z audiences.
However, the coin’s ascent has not been without controversy. Behind the meme coin’s success lies growing tension as the meme’s creator, Philip Banks, pushes back against what he calls unauthorized exploitation of his work.
“Just putting it out there, Chill Guy has been copyrighted. Like, legally. I’ll be issuing takedowns on for-profit related things over the next few days,” Banks tweeted last week.
While Banks clarified that casual use by brands or individuals isn’t his target—“I just ask for credit. Or Xboxes.”—he noted unauthorized merchandise and shitcoins are crossing the line.
Despite these concerns, early adopters of CHILLGUY have seen massive returns, with one trader turning a $1,000 investment into over $1 million within days.
It isn’t the first time meme coins have demonstrated their ability to convert internet phenomena into financial windfalls.
Recently, the Peanut the Squirrel (PNUT) token—inspired by the viral story of Peanut, a pet squirrel euthanized by New York authorities—reached a $1 billion market cap within two weeks, while the First Convicted Raccoon (FRED) coin climbed 383% in a day.
Edited by Sebastian Sinclair
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