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Binance to List Magic Eden’s ME Token With Seed Tag

Binance uses a seed tag for tokens managed by early-stage projects. Hence, they pose a higher risk to investors.

Avatar image of Mishael Nwani Mishael Nwani•December 10, 2024
Magic Eden

Leading crypto exchange Binance announced today that it would list ME, the native token for the Solana-based NFT marketplace Magic Eden. The listing is a significant step for the NFT-focused project as it allows for exposure to Binance’s established spot trading market.

What is the ME Token?

Since its debut in September 2021, Magic Eden has established itself as a leader in the NFT market by allowing users to buy, sell, hold, and trade their digital collectibles on its platform. Over the years, the NFT marketplace has expanded its operations to other blockchains besides the Solana network. These include Ethereum, Polygon, Bitcoin, Arbitrum, and Base.

In August, Magic Eden launched a mobile app that enables users to manage their NFT portfolios seamlessly. Around the same time, the firm began exploring the launch of a native token using the ticker ME. Introducing a token is part of the project’s efforts to bring the most utility to its NFT collectors and creators’ community.

The ME token, which has a total supply of 1 billion, will serve as the lifeblood of the Magic Eden ecosystem. It will aid users in digital asset trading across the project’s supported blockchains.

Since the ME token hasn’t been launched, specific price and market performance details remain unknown. However, eligible users will receive the ME token through an airdrop. These users would need to set up their wallet addresses to qualify for the airdrop, and there would also be an allocation requirement following the ME token distribution.

The NFT marketplace will airdrop ME tokens only to wallets actively participating in activities such as trading NFTs across supported blockchains. The allocation is measured by the highest activity level from a single wallet instead of the cumulative activity across multiple digital wallets.

Binance to List ME Token

Binance stated in its announcement that it would launch Magic Eden’s token by 15:00 UTC in four trading pairs, featuring BTC, FDUSD, USDT, and TRY.

By adding ME to the Seed Tag, Binance is passing a message to investors that it is a token in its early stage, and so it bears higher volatility and risks compared to more established digital assets. To access tokens with the Seed Tag, Binance users must undergo an assessment quiz every 90 days to ensure they understand the risks involved.

Mishael Nwani

Mishael Nwani is an avid crypto enthusiast with nearly four years of experience in the industry. Since 2022, he has covered topics across cryptocurrencies, NFTs, artificial intelligence, and financial markets.