Magic Eden's native token, ME, is now officially available for spot trading on the OKX exchange. This listing provides traders with a new avenue to engage with one of the leading NFT marketplaces' ecosystem tokens. Below, you’ll find the complete timeline and essential details to help you navigate the new listing.
Trading Schedule for ME Token
To ensure a smooth and fair trading launch, OKX has structured the listing process into several phases. Here’s the detailed schedule for the ME token listing:
- Call Auction Period: The call auction will be held from 1:30 PM to 2:00 PM UTC on December 10, 2024. This mechanism helps establish an initial fair market price by collecting orders before trading officially begins.
- Spot Trading Launch: ME/USDT spot trading pairs will officially open at 2:00 PM UTC on December 10, 2024.
- Withdrawal Activation: The ability to withdraw ME tokens from your OKX wallet will become available at 3:00 AM UTC on December 11, 2024.
Initial Trading Rules and Restrictions
In the first five minutes after spot trading begins, certain order restrictions will be in place. These measures are designed to protect all traders from extreme price volatility that can sometimes occur at the opening of a new market.
- Market Orders Temporarily Disabled: For the first five minutes, the use of market orders will not be permitted. This prevents orders from being filled at unexpectedly high or low prices due to initial low liquidity.
- Limit Order Value Cap: All limit orders placed during this initial five-minute window must not exceed a value of $10,000 USD. This helps prevent any single large order from disproportionately impacting the token's price discovery.
These temporary restrictions will be automatically lifted exactly five minutes after trading commences, allowing for normal market operations to resume.
Understanding the Risks of Digital Asset Trading
Investing in digital assets like the ME token involves a high degree of risk. The cryptocurrency market is known for its significant price volatility; assets can become illiquid rapidly, and it is possible to lose your entire investment.
The information provided here is for informational purposes only and should not be considered financial advice. It is crucial to conduct your own thorough research (DYOR) and carefully assess your personal risk tolerance before engaging in any trading activity. OKX does not guarantee the accuracy of information, which may come from third-party sources, and is not responsible for any trading losses incurred.
👉 Explore real-time trading tools and charts
Frequently Asked Questions
What is a call auction on OKX?
A call auction is a period before continuous trading begins where buy and sell orders are collected to determine a single opening price. This helps establish a fair and stable initial market price for a new token, reducing the potential for extreme volatility at the very start of trading.
Why are there restrictions in the first five minutes of trading?
Restrictions like disabling market orders and capping limit order sizes are safety measures. They are implemented to protect traders from the rapid and often unpredictable price swings that can happen when a new token first starts trading, ensuring a more orderly and fair market opening for everyone.
When can I withdraw my ME tokens from OKX?
Token withdrawals for ME are not available immediately when trading starts. According to the schedule, the withdrawal functionality is scheduled to be activated at 3:00 AM UTC on December 11, 2024, which is several hours after trading begins.
Is the ME token a good investment?
We cannot provide financial advice. The value of any digital asset, including ME, can be highly volatile and is influenced by numerous market factors. It is essential to do your own research, understand the project's fundamentals (like the Magic Eden NFT platform), and only invest what you are willing to lose.
What should I do if I have more questions?
For any further inquiries regarding your account or trading on the platform, you can reach out to OKX's support team directly through the official website. Their support portal offers comprehensive help articles and a direct channel to contact customer service.