Magic Eden Allocates 15% Revenue for Buybacks and Staking Rewards
- Buybacks and Staking Rewards: Magic Eden announced it will allocate 15% of all platform revenue to buybacks and staking rewards starting next month, aiming to enhance value distribution within the $ME token ecosystem, effective February 1, 2024.
- Revenue Distribution Mechanism: The new program will split platform revenue evenly, with 50% directed to $ME buybacks and 50% allocated as USDC rewards based on staking power, with the first claims available in March and a 90-day claim window.
- Positive Community Response: This hybrid model has garnered interest from community members as it provides real USDC yields for long-term holders, potentially reducing sell pressure on the $ME token and bolstering market confidence.
- Diversification Strategy Shift: Since its launch in 2021, Magic Eden has facilitated over $15 billion in NFT trading volume; facing declining market interest, it pivoted to diversify by launching a crypto wallet and acquiring Slingshot, successfully transforming into a comprehensive crypto entertainment platform.
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Technical Analysis for X
Technical Sentiment Analysis for X Empire (X) As of , X Empire (X) is exhibiting a Strong sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 0 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for X stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, X is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
X Empire (X) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00000588 | 0.00000888 | 0.0000114 | 0.0000144 | 0.000017 | 0.00002 | 0.0000225 |
| Fibonacci | 0.00000888 | 0.000011 | 0.0000123 | 0.0000144 | 0.0000165 | 0.0000179 | 0.00002 |
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