At 10:00 tonight Beijing time, Magic Edens Token $ME will be available for airdrop. At present, affected by the news of Binances listing, the price of $ME in OKX pre-market trading has exceeded $6, and the corresponding circulating market value has exceeded $750 million.
The pre-market price can basically reflect the opening price of $ME after it goes online on CEX tonight, but as for how the price of $ME will develop in a period of time after the opening, players stand from three different perspectives and write three completely different scripts.
Perspective 1 - Solana Second NFT Market (with $TNSR as benchmark)
This angle is now basically abandoned, because the $ME market capitalization corresponding to the pre-market price is already higher than the FDV of $TNSR, and is about 7 times the market capitalization of $TNSR.
Why did you use $TNSR as a benchmark before? Players who use $TNSR to benchmark $ME may be more focused on Solana NFT. On Solana NFT, Magic Eden did lose the position of Solanas first NFT market to Tensor.
However, judging from the above statistics on the number of users and transaction revenue, Tensor does not have an overwhelming lead over Magic Eden. In terms of 30-day transaction revenue, the difference between the two is only $15,000, which can be said to be evenly matched. In terms of 1-year transaction revenue, Magic Eden is even ahead of Tensor by $3.6 million.
Angle 2 - Bitcoins First DEX
Those who stand at this angle are basically players in the Bitcoin ecosystem. Although in everyone’s impression, the Bitcoin ecosystem is just so-so, there is only one NFT project in the top 10 by total market value, Bitcoin Puppets, and it happens to be the 10th, and all the projects ahead are ETH NFT projects.
But for a long time before the recent recovery of ETH NFT, Bitcoin NFT may be the most active NFT ecosystem. Magic Eden has a monopoly in this ecosystem. In the past year, only 26% of Magic Edens 1.5 million users came from the Bitcoin network, but these users brought Magic Eden more than 40 million US dollars in revenue, accounting for 69% of the total revenue in the past year.
In the past year, Magic Edens revenue was $60 million, and this does not include Magic Edens other monopoly business on Bitcoin - Runes tokens.
The Runes protocol is a new Bitcoin FT protocol that was launched after the Bitcoin halving in April this year. Magic Eden charges a 1% buyers fee for Runes transactions, and the total transaction volume of the top 10 Runes tokens on Magic Eden is about $600 million. The top 10 Runes tokens alone have brought Magic Eden $6 million in revenue in about half a year.
So from the perspective of Bitcoin players, Magic Eden is a giant in Bitcoin, and the Bitcoin ecosystem is very promising. In their eyes, the expectation for $ME will basically not be lower than 6 U.
Angular 3 - Second Hyperliquid
This is the most optimistic perspective, that is, FDV is just a meme in a bull market, and only the market value is meaningful.
$MEs initial circulation is even smaller than $HYPE ($ME only has 12.5% initial circulation, or 125 million pieces), and the chip allocation is also good. It is also a project with strong profitability and growth potential. Based on these three points, the most optimistic player group believes that $ME should become the second $HYPE to reach 40 U.
$ME is the leader in profitability in the NFT market, and is positioned as a DEX on Bitcoin. MEs revenue over the past year, excluding runes, is 20 times that of Blur, and Blurs current market capitalization is about 760 million. In their respective tracks, $ME and $HYPE have become leaders through profitability + expectations.
There are also problems from this perspective, because $HYPE is self-contained, pulling itself up in its own territory, and has not been listed on any Tier 1 CEX. $ME has even been confirmed to be listed on Binance, and only Coinbase and upbit are left among the major CEXs. Therefore, the objective environment of these two coins is still very different, and it is impossible to simply draw an analogy that $ME will rise all the way like $HYPE just by looking at the circulating market value.
Conclusion
The above views are just the market opinions observed by the editor and do not constitute any investment advice at all. In fact, everyone is looking for a reason to support their selling or holding, but whether they can reach the other side often depends on the vague correctness in retrospect.
I hope the above information can help you find a $ME strategy that suits your situation.
