Why ME Token Price Surged To $25 and Crashed 80% After Binance Listing?

The launch of the Magic Eden (ME) token brought attention in the crypto community, as the token was listed on leading exchanges such as Binance and Coinbase. These listings caused an initial surge in price, with the token climbing to $25 shortly after its debut. However, this rapid increase was followed by a steep decline of over 80%, settling around $5, which sparked widespread discussion among traders and analysts.