Magic Eden (ME)

Do we now know why $ME is 99% down?

There are bad charts and then there's Magic Eden's chart.

> The MC has fallen from $500M at launch to $34M

> On a monthly timeframe, $ME has only given a positive return twice since launch (those too being less than 5%).

Very difficult for Magic Eden to come back from this now.

Magic Eden is being sued over allegations that it misled buyers of its $ME token.

Plaintiffs claim the marketplace promised features like multi-chain support, governance, staking rewards, revenue sharing, and token buybacks to drive demand, but many of those features were either delayed, changed, or never delivered.

The lawsuit seeks damages on behalf of anyone who purchased $ME, alleging buyers overpaid based on promises that weren’t fulfilled.

GM 🟧 It’s that time of the month again - get ready to claim your 10 cents for staking $ME 💀😂

FYI looks like a class action lawsuit has been filed against @MagicEden recently in New York.

It’s happened almost exactly 1 year after Magic Eden was hit with cease-and-desist by Trump family for their plans to launch TRUMP WALLET 😁 smh

Will be interesting to see how this goes since, if I’m not mistaken, US citizens are not allowed to use Magic Eden and technically weren’t supposed to be able to claim airdrop. Guess they’ll focus on users who bought on CEXs.

👀 Check out quoted post below for more details ⬇️

🔸 If you’re looking for info on Oridnals / Runes / Rare Sats visit @Tragic_Eden