Magic Eden's new buyback policy may only allow for about $20,000 worth of ME tokens to be repurchased monthly
BlockBeats News, January 19, according to nftpulse data, Magic Eden's trading volume in the past 30 days was $12.8 million, accounting for 9.1% of the NFT trading market share. The platform's 30-day revenue was only $267,000, with Solana chain trading revenue accounting for 74% and Bitcoin network trading revenue accounting for 25%.
According to CoinGecko data, the current price of Magic Eden's platform token is $0.253, with a token market cap of $108 million, FDV reaching $253 million, and a 24-hour trading volume of $110 million.
If the NFT market trading activity remains at its current level, and based on Magic Eden's "15% revenue invested into the ME ecosystem" strategy that will go live on February 1, this policy would only allow for about $20,000 per month to be spent on ME buybacks.
As previously reported by BlockBeats, Magic Eden announced that starting February 1, 15% of its revenue will be directly invested into the ME token ecosystem. This portion of the revenue will be evenly split, with 50% used to buy back ME tokens on the open market and 50% distributed to ME stakers in USDC according to staking weight.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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