Magic Eden (ME) Token Soars 53% Amid Binance Listing Announcement
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Binance, the largest crypto exchange platform by trading volume, announced plans to list Magic Eden (ME).
The announcement comes ahead of Magic Eden’s confirmed airdrop, which presents a potentially lucrative opportunity for participants.
Binance New Listing: What Investors Need To Know
In an official announcement on Tuesday, December 10, Binance said it would list Magic Eden’s powering token, ME. The listing will happen at 15:00 UTC, with four spot trading pairs to go live.
“New Spot Trading Pairs: ME/BTC, ME/USDT, ME/FDUSD, and ME/TRY,” Binance said.
The exchange indicated that users could already start depositing ME in preparation for trading, with withdrawals due to open 24 hours after the listing. Of note is that this Binance listing comes with zero fees, which means users can trade the token on the platform without incurring any trading fees. Zero-fee features are among the promotional strategies exchanges employ to attract more users.
Further, the exchange will apply a seed tag for this new listing, with the special identifier expected to help distinguish Magic Eden’s ME from other tokens. It is also worth mentioning that trading of the aforementioned new trading pair(s) is subject to eligibility.
In the immediate aftermath of the listing announcement, Magic Eden’s ME token skyrocketed by over 53%.
ME Price Performance. Source: TradingView
This is expected, given the impact of Binance listing announcements on other tokens before ME. Among others, ORCA and ACX tokens also skyrocketed on Binance’s listing announcement last week. Conversely, token delisting announcements tend to exhibit contrary impacts, with the value of affected tokens plunging in the immediate aftermath.
Magic Eden To Airdrop ME Tokens
Meanwhile, the Binance exchange’s listing announcement comes amid plans for the Magic Eden NFT marketplace to airdrop ME tokens after raising nearly $160 million. As BeInCrypto reported, the ME token is central to the Magic Eden ecosystem, and its upcoming airdrop presents a potentially lucrative opportunity for participants.
The airdrop, which also passes as a token generation event (TGE) for the Magic Eden Ecosystem, presents an opportunity for users to list their Solana NFTs (non-fungible tokens) for sale in ME. In turn, they would earn tokens from those sales.
“…You will be able to list Solana NFTs in ME and buy those NFTs in ME,” Magic Eden explained.
The ME claim will start at 2 PM GMT on Tuesday, December 10. Nevertheless, Magic Eden clarified the limitation to US audiences. This follows the NFT marketplace’s recent domain changes between the US and other global regions.
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