Magic Eden Airdrop Frenzy: One Farmer Cashes in Over $2 Million

The popular non-fungible token (NFT) marketplace Magic Eden has seen the ME Foundation recently launch its ME token via an airdrop to the platform’s users. One airdrop farmer, according to blockchain data, managed to make over $2 million through it via 1,350 wallets.

According to data shared by on-chain analysis platform Lookonchain, the airdrop hunter managed to claim 398,399 ME tokens worth around $2.14 million via their 1,350 wallets, and sold 54,930 ME for a $477,000 gain on a decentralized exchange at $8.68, while transferring the remaining tokens to leading cryptocurrency trading platform Binance. The tokens sent to Binance were presumably sold as well.

The Magic Eden airdrop was a highly anticipated one, with various users hoping for large rewards given that pre-market trading activity suggested each token would trade around the $5 mark before the airdrop actually occurred.

Market data shows that the price of the token briefly surged shortly after the airdrop to a $13 high, before those claiming the airdropped tokens quickly started selling for SOL and various stablecoins, to the point the cryptocurrency has since plunged and is now trading at $5.14.

The airdrop was nevertheless widely criticized as traders found it overcomplicated. To claim tokens, users needed to download the Magic Eden Wallet mobile app, add $10 to it, and then scan a QR code to link it to their desktop, so they could then claim the funds via the mobile app.

Traffic increases to the Magic Eden platform saw numerous users get error messages when trying to claim their tokens, with some even suggesting that the platform told them they had already claimed the airdrop, when they hadn’t yet done so.

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