ME (Magic Eden) fell 5.55% in the last 24 hours.

Gate News Bot news, on November 3rd, according to CoinMarketCap, as of the time of writing, ME (Magic Eden) is currently priced at $0.43, falling 5.55% within 24 hours, reaching a high of $0.60 and a low of $0.42. The current market capitalization is approximately $723,000, a decrease of $4,242,100 compared to yesterday.

$ME represents the most powerful cross-chain trading, minting, and wallet protocol suite. As the official token of Magic Eden, $ME will represent the largest on-chain user community. The $ME community has the most influential protocols, providing an end-to-end user journey for trading NFTs and fungible tokens. The ecosystem currently has over 3.5 million wallets, $6 billion in trading volume, over 1,000 active creators, covering 8 blockchains, more than 70 million transactions, and 500,000 monthly active users.

Important news about ME recently:

1️⃣ Gate Web3 launches the Meme trading tool “Meme Go” Gate Web3 officially launches the Meme trading and scanning tool “Meme Go”. This product integrates millisecond-level full-chain scanning, an intelligent trading engine, and customized analysis functions, aiming to help users discover early high-quality Meme projects and improve trading efficiency. Gate Meme Go has initiated a zero-fee activity, with a total prize pool of $20,000. The launch of this tool may attract more users to participate in ME token trading, enhancing its liquidity.

2️⃣ The overall NFT market is cooling down Recently, the NFT market has shown a cooling trend overall, with trading volumes of several well-known projects declining. As a major NFT trading platform, Magic Eden may be affected by market sentiment, leading to pressure on the price of the ME token. This may be one of the important factors driving the price decline of the ME token.

3️⃣ Meme coin market heat diminishes The market's speculative enthusiasm for Meme coins has decreased, and the prices of several Meme projects have fallen. ME, as a token closely related to the NFT and Meme coin ecosystem, has also been affected by this trend, which may lead to a weakening of investor confidence.

From a technical perspective, the price of ME token has recently retraced, falling from a high of $0.60 to $0.43, indicating strong downward pressure. On the fundamental side, although the user base of the Magic Eden platform remains large, the current market environment poses challenges for the short-term performance of ME token.

This message is not investment advice; investors should be aware of market volatility risks.