What caused Metaplex Token to fall? What is Metaplex Token’s Price Now?
The Metaplex Foundation, which manages Solana’s Metaplex NFT protocol, recently offered an airdrop of its MPLX token for Solana NFT developers; on Monday, the offer was expanded to collectors who had already interacted with specific NFT projects. However, the token’s price rapidly decreased as a result of the enlarged token offering.
According to data from CoinGecko, the MPLX token’s price has decreased by 65% during the previous 24 hours, after originally plummeting by more than 68% to a price of approximately $0.11. The price of MPLX has decreased since its all-time high of $0.34 within the same time period. MPLX plummeted 67% during the past week and 87% from its all-time high of approximately $0.90 on September 20, hours after the coin’s debut. This morning, the coin hit a fresh all-time low.
MPLX is a governance token meant to let the community the power to vote on future Solana NFT protocol upgrades. It was initially available only to creators that produced Solana NFT projects using the Metaplex platform when it debuted on 19 September.
Now, Solana NFT collectors who have bargained with a qualified NFT Mint can additionally receive a portion of the 40 million MPLX tokens set aside for these individuals. It is unclear which projects qualify, however anyone outside the United States can connect the Solana Wallet to the MPLX airdrop webpage to evaluate eligibility and potentially claim tokens.
MPLX has a maximum supply of 1 billion tokens, but it is unknown how many tokens are presently in circulation; neither CoinGecko nor CoinMarketCap list the current circulating supply. Consequently, none of the sites provide current market capitalization information. decrypt Requested figures from a Metaplex representative but received no immediate response.
Solana is the second largest NFT ecosystem by trade volume, following Ethereum. In September, the enthusiasm behind recent popular projects such as y00ts and ABC caused Solana NFT trade volumes to nearly double compared to August, reaching $133 million in value, with the leading marketplace Magic Eden accounting for the majority of this trading activity.
When the MPLX token launched a month ago, the Metaplex Foundation stated that 20 million Solana NFTs had been mined using their technology, leading in nearly $3.5 billion in combined primary and secondary transactions. At the time, the organization stated that more than 2.4 million creators and collectors had interacted with Solana NFTs.
In January, the Metaplex Foundation raised $46 million, led by Multicoin Capital and Jump Crypto, with NBA players Michael Jordan and Alan Iverson, as well as important investors Solana Ventures, Animoca Brands, and Alameda Research.