The native token ME Coin of Solana's leading NFT platform Magic Eden encountered an epic crash, with prices plummeting from $13 to $0.71, evaporating over 90% of its market value, leaving countless retail investors empty-handed! This 'century disaster' triggered by airdrops not only exposed the platform's technical vulnerabilities but also unveiled the darkest scene in the crypto market — users' private keys being forcibly migrated to 'dangerous wallets', over 80% of airdrop tokens being instantly sold off, and the tactics used by the manipulators are textbook-level!
Airdrop turned 'airdrop heist': wallets emptied, users collectively lamenting.
On December 10, Magic Eden announced an airdrop of 125 million ME Coins to platform users, accounting for 12.5% of the total supply. This should have been a celebration, but instead became a nightmare for retail investors. To receive the airdrop, users had to import their private keys into the Magic Eden wallet or create a new wallet linked to their original address. However, this seemingly simple operation hid a deadly trap!
Security experts were shocked to find that the Magic Eden wallet stored users' mnemonic phrases and private keys on cloud servers, completely violating crypto industry security standards! Countless users had their wallets hacked during the operation, and tokens were stolen clean. Ironically, some users generated incorrect addresses due to operational errors, leading to permanent loss of airdropped tokens!
"I followed the tutorial to operate, and when I woke up, all the ETH in my wallet was gone!" A victim angrily complained on Discord, "Magic Eden is not distributing coins, but robbing!" This airdrop directly led to a collapse of trust in the platform, with over 80,000 community members collectively leaving the group, and Magic Eden instantly became 'a rat in the street'.
Price crash: from $13 to $0.71, retail investors are left questioning their lives.
On the day of the airdrop, ME Coin opened with a surge to $17, with market value briefly exceeding 1 billion USD. But this was just a carefully designed trap by the manipulators! As the airdropped tokens were gradually unlocked, over 80% of users chose to sell immediately, causing prices to plummet like a free fall. More deadly, the project team allegedly secretly sold 2.3 million tokens, completely shattering market confidence.
"I bought in at $15, and within less than 24 hours it dropped to $4, directly leading to liquidation!" A leveraged player shared the transaction record on Twitter, "This is not investment at all, it's blatant fraud!" As of June 3, 2025, ME Coin's price was only $0.9681, a 93% drop from its historical high, leaving countless investors ruined.
Technical flaws + insider trading: ME Coin reduced to a tool for harvesting leeks.
In addition to the price crash, ME Coin also exposed serious technical flaws. In December 2024, the Magic Eden wallet prevented users from withdrawing NFTs due to smart contract vulnerabilities, freezing digital assets worth over 20 million USD. Strangely, on-chain data showed that a mysterious address accumulated a large amount of ME Coin at low prices before the airdrop, and then accurately sold at high prices, profiting over 10 million USD!
"This is a complete Ponzi scheme!" Crypto analyst John Wu angrily pointed out, "Magic Eden attracted traffic through airdrops, then used technical loopholes and insider trading to harvest retail investors, it's too ugly!"
Comparison with Meme coins: ME Coin is a more dangerous speculative trap.
Compared to pure speculative Meme coins like Trump Coin (TRUMP), the risks of ME Coin are more concealed yet more deadly. Although ME Coin claims to have application scenarios like NFT trading and cross-chain wallets, the actual trading volume is less than 1 million USD, with over 90% of trades concentrated on centralized exchanges like Binance, resulting in extremely poor liquidity.
"Trump Coin at least dares to admit it is air, but ME Coin deceives under the guise of 'platform coin'!" Senior investor Mike warned in a Telegram group, "This coin going to zero is just a matter of time, do not touch it!"
Future outlook: Countdown to zero, where should retail investors go?
Despite Magic Eden's second airdrop attempt to save the decline in April 2025, the market had long lost patience. Currently, the circulating market value of ME Coin is only 1.1 billion USD, down over 80% from its peak, and facing fierce competition from Solana chain Meme coins (like SONIC, LOFI).
"Unless Magic Eden can achieve 1 million monthly active users within 3 months, ME Coin is bound to go to zero!" Crypto prophet BitBoy asserted, "It's still time to cut losses and exit, don’t wait until you lose everything to regret!"
Conclusion: There are no saviors in the crypto market, only scythes and leeks. The crash of ME Coin warns us again: never trust so-called 'platform endorsements', and definitely do not gamble your life savings on a speculative game. In this ruthless market, preserving capital is more important than anything else!
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