Magic Eden Price Rally: What’s Driving The NFT Token?

27-12-2024

Magic Eden Price Surge Due To Increased TV And NFT Demand

Magic Eden Token: What’s Fueling Recovery Today?

Magic Eden (ME) token is an NFT token that suffered heavily after its launch with a massive Magic Eden airdrop. The drop in ME token is considered somewhere due to the influence of volatility, however, the two most influential reasons are increased trading volume and the increased demand for the NFT marketplace.

Magic Eden’s ME token is now coming out of the slump. It seems to be creating a rally today.

The Magic Eden crypto airdrop itself boosted the demand of the token and it hit its prime price creating an all-time high at $13.24. However, it then suffered a sudden immediate collapse. It remained so for long after which it has been gaining back and recovering in the past few days.

Now that the investor demand is rising for the ME token today, its price has been pushed to $4.23. The trading volume is up by 130% to $1.17 billion. ME is currently trading at around $3.87. The Magic Eden token has shown a 10% surge today and 20% surge over the week.

Magic Eden NFT

The surge in the Magic Eden price is further taking the bearish to the bullish. The increased bullish and upcoming NFT season, and its constantly expanding and developing scenario are considered one of the major causes. The ME price rally is expected to help the token make it to $50, given the NFT season hitting in the coming few months, as per a few crypto enthusiasts, who call Magic Eden a “multi-chain NFT marketplace.”

Magic Eden Price Forecast

The Magic Eden ME token still needs a 70-75% rally to get to the prime. Community sentiments are high to make it possible. However, the trend can even reverse in some scenarios, which should be kept in mind before choosing the best cryptocurrency to invest in.

The ME token is new with limited info, making it difficult to carry out Magic Eden price prediction.

Crypto enthusiasts are considering the upcoming 4-5 months of NFT seasons the ‘best time to have some NFT projects in your bags like $ME.’

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About the Author Surbhi Jain

Expertise coingabbar.com

Surbhi Jain is an accomplished English News Writer and Content Writer associated with Coin Gabbar, where she covers cryptocurrency, blockchain, and financial market updates. With a focus on clarity, accuracy, and SEO-driven writing, she aims to make complex crypto concepts understandable for a broad audience. Surbhi’s content combines research and readability to deliver timely and reliable information to readers interested in digital finance.

Beyond her professional work, she enjoys reading books, which enhances her creativity and helps her stay informed about emerging trends in technology and finance.