Magic Eden (ME)

GM 💰 If you’re wondering why monthly @MagicEden payouts to $ME stakers are so low, it’s because they don’t include @DiceyHQ revenue 🚨 ❗️Basically, they used the money that they’ve made from fees on ME platform to launch a new company in order to avoid sharing their revenue with people who trusted them and staked their ME tokens ‼️ They even have the same employees, some of them work for both ME and Dicey… 🚨 This is a well know extraction tactic that many companies, not only in crypto, use to circumvent existing arrangements in order to avoid sharing profit ⚠️ Let’s not forget that the initial deal was for people who staked ME tokens to be rewarded with more ME tokens, not with USDC from shared revenue 🚩 They keep changing the rules, yet they refuse to let people UNSTAKE their tokens!! If tokens cannot be unstaked, because of the way token contract was launched, then they should airdrop ME tokens, from their own supply in 1:1 ratio, so that people could move on too Oh I almost forgot, to make their payout look better, they started adding 3 digits for cents 😂 Who even does that? Who’s their accountant? Ridiculous.

bro this chart is actually insane 😭 $ME really went from “next big infra play” to straight exit liquidity in one cycle 🚩 launched with hype, dumped into oblivion, and now they’re quietly pulling back features like nothing happened… classic playbook down ~99% and people still talking about “long term vision” like bro the vision already left the chart this market will humble anyone trying to marry altcoins take profits or become the story others learn from ngl selling early feels like a superpower in cycles like this

GM 🚨 Magic Eden UNSTAKE BUTTON for $ME token is LIVE‼️ ME has finally listened to its users and enabled unstaking of their token! ⚠️ Since ME Wallet App/extension is no longer available, you need to import keys into a different app to claim your tokens https://t.co/nLp8DmiJn8

$ME / @MagicEden Tragic Eden strikes again!

Magic Eden first removed all networks it was integrated with, except Solana, from its platforms. Now they have decided to shut down the @MagicEden Wallet that even if you gathered three people worldwide, nobody uses. After tokenization, $ME fell from $14 to $0.09, performing a clean slow rug. https://t.co/YxdTsC7n4E

$ME may be one of the worst launches of the past cycle. 1- Magic Eden launched their token at 10B FDV with the typical High FDV / Low Float trap. Obv, the market started to price unlocks at launch. 2- Magic Eden generated $180M in revenue in 2024. (Not even sure the figure is correct, may be lower). At 10B, ME was trading at a 54x P/S ratio, so the upside was already very limited. 3- ME TGE was at the end of 2024, NFT winter was already around. Even last-round VCs are at a loss: they're still vested and they invested at $1B FDV.

From almost $10bn FDV to only $100M now in a bit more than one year $ME There's a deep problem in the altcoin market https://t.co/AGNQ0u0Y5k