With MegaETH – Ethereum’s real-time Layer 2 blockchain – preparing to launch its mainnet and hold a token generation event (TGE) in February, the pre-listing valuation of the MEGA token has plummeted. In just 24 hours, MEGA’s market cap valuation has decreased by approximately 20%.
The perpetual derivative contract of MEGA on the Hyperliquid platform once dropped to a low of $0.125, equivalent to a fully diluted valuation (FDV) of around $1.25 billion, before recovering to around $0.148. Since trading began at $0.4 – corresponding to a $4 billion FDV – after the ICO in November, the MEGA price has been continuously declining.
MegaETH’s ICO once attracted up to $1.4 billion in commitments for $50 million worth of MEGA tokens at a valuation of $1 billion. However, at the current price, ICO investors are still more than 50% away from break-even. On Polymarket, the probability of MEGA launching with an FDV over $1 billion has also decreased to about 73%, from a peak of 94% on January 10.
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