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The $ME Airdrop: A Day of Drama, Stats, and Triumph

It’s been around 24 hours since the $ME airdrop went live, and wow, a lot has transpired since then!

Before diving into a recap of what happened on the day, here are some stats:

• The initial airdrop supply is 125,000,000.

• 92,536,529 has been claimed, or 74%.

• 127,009 wallets have claimed.

• There are currently 110,243 holders, indicating many have sold 100% of their allocation.

• The smallest proportion of holders have 2,000 $ME or more (7.6% of wallets).

• The largest proportion of holders hold 100-500 $ME (34.5% of wallets).

Source: Dune. Stats correct as of 11:37 UTC.

$ME opened up, settling very early on at around $15—leading many to believe incredible things were about to happen. They were right, just not in the way they thought!

To begin with, there were many issues with getting the claim process started due to an overload of people all trying to do the same thing at once. However, some lucky claimants (shoutout to the homie Mr. Miller) managed to sneak through super early while the price was still around $9.

Alas, most of us—and the wider pool of claimants—did not. As claims started to trickle through, the price dropped steeply and eventually found a floor at $4.50 for some time.

Not bad, all things considered. That was roughly the pre-market price average in the week or so leading up to the airdrop. But a read through of the timeline on X told a different story. The sentiment was edgy. The vibes, as they say, was not immaculate.

The biggest complaints weren’t about the price at all. Much of the heat Magic Eden faced on the timeline was due to the perceived difficulty of the airdrop process itself, with one self-flagellating participant even boycotting his $10K allocation altogether in an act of self-perceived defiance:

The grumblings ranged from the absurd—that the airdrop wasn’t actually an airdrop because the tokens weren’t directly delivered and required users to press buttons—to the more reasonable argument that downloading the app went against some people’s rules for privacy.

The first argument demonstrates how out-of-touch some in this space are; it’s important to remember how fortunate we are to exist in an environment where clicking a few buttons can grant access to what could be a monthly or even yearly salary for the average person.

The Binance listing, with trading going live one hour after the drop began, didn’t move the needle much. The price continued to hold steady around $5. However, it began to climb steadily, and at around 19:30 EST, someone launched a $1M buy into the $ME chart, sending the price instantly over $8 and triggering a buying frenzy.

Alas, as quickly as it came, it disappeared. Those waiting for a higher price to offload their airdrops took the opportunity to sell, and within 40 minutes, the price was back to just below $7. Currently, $ME sits at $5.29 at the time of writing.

What’s next for $ME? As we’ve reported for weeks, citing founder Jack Lu often, Magic Eden has a bold vision outlined—they hope to become the Binance of on-chain trading. While there have been criticisms of their airdrop process (some valid, some not), at least they’ve done an airdrop, which is more than can be said for OpenSea (will that change soon?). And unlike Blur, they actually seem to have a plan.

There are far worse bets out there than betting on Magic Eden maintaining their market share as the number one NFT marketplace, even without the Binance comparison in play. Love him or hate him, Kook’s take is excellent here:

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Todays Markets

Ordinals

Ok, ok. So MAYBE we got a little ahead of ourselves thinking all that $ME airdrop money would flow instantly into Ordinals and Runes.

It’s not been a bad day, but we’re just not seeing the parabolic rises some expected. The most likely outcome is that $ME needs to rise further to holders' price targets before this happens. There’s a lot of chatter that those with large allocations aren’t selling at $5—and rightly so.

Natcats leads the way with a 28.4% rise, capitalizing further on its fantastic run lately. A steep drop for Bitcoin Puppets puts NodeMonkes back in touching distance of catching them.

And Quantum Cats are back where they belong in the top 10 after dropping to 17th yesterday. A 0.2 stablecoin floor, as always—just how we like it.

OCM makes a reemergence into the top 10 with a massive 50% floor price increase on the day. It’s likely this collection was, in fact, one of the beneficiaries of the $ME stimmy.

Elsewhere, not a lot to report on—everything is rather stable, with OMB, Based Angels, and The Wizards of Ord holding their positions. Pizza Ninjas claim the 8th spot despite a 13.5% decrease.

Runes

Could today be the day?! DOG has been flirting with the $1 billion market cap target for some time now and is once again just a whisker away from making it.

PUPS and GIZMO make nice gains over the 24 hours, with RSIC featuring in 3rd with a slight price increase.

On that note, as a personal anecdote, a friend of mine who is re-entering Runes after some time away went straight for DOG and RSIC. It seems the OG tokens are what returning participants will be drawn to once they all come flocking back.

Inexplicably, BDC drops 11% among the others, who all make decent gains. What happened there?!

SHREK takes the prize for the largest gainer in the top 10 today. This Rune, spearheaded by Runetoshi, has received backing from figures such as Businessman and Udi in the past day, with Runetoshi being very active on socials promoting it. Not a bad shout for a small-cap gamble if you want a token with that sort of weight behind it.

LOBO sneaks into the top 10 ahead of its PFP mint in a few hours. Will the token be able to sustain itself after today though? History generally tells us no, but this is an OG Rune—the 7th ever to be inscribed.

So while it may go back to being quiet, there’s plenty of holders and provenance behind it to ensure it won’t be going away for good any time soon, if at all, regardless of how things go after the mint.

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