Nearly half of the total MET token supply was released earlier today.
Meteora, a Solana-based decentralized exchange (DEX), launched its native MET token on Thursday.
The token is currently trading at $0.565, down 17.7% since launch, according to CoinGecko. At the time of writing, MET has a market capitalization of over $271 million and a fully diluted valuation (FDV) of more than $565 million.
Approximately 48% of the total 1 billion MET supply (around 480 million tokens) was released immediately, distributed to early supporters, liquidity providers, and ecosystem contributors.
Trading is now live on several major exchanges, including OKX and Bitget. “Trade instantly on Jupiter, Moonshot, Phantom, Binance Alpha, OKX Wallet and more. CEXes go live 2PM UTC Bybit, OKX and more,” Meteora’s team said on its official X account. “The push toward a tokenized future begins with the LP Army, Meteorites and partners.”
Recent Developments
Prior to the TGE, MET traded at a $1 billion FDV on pre-market perpetual derivatives. The token initially opened at $1.8 billion on Hyperliquid on Oct. 10, before a broader market pullback, The Defiant previously reported.
Earlier this week, the DEX also revealed a new product suite that includes presale vaults and a launchpad called “Meteora Invent.”
Meteora is currently the second-largest DEX on Solana by spot volume, recording around $1.04 billion in the past 24 hours. It currently has a total value locked (TVL) of over $828 million, according to DeFiLlama data.
The project began in 2021 as Mercurial Finance, launching its MER token through an initial exchange offering on the now-defunct FTX platform.
Ongoing Controversy
The MET launch comes amid ongoing controversy for Meteora. Earlier this year, CEO Ben Chow resigned following allegations of insider trading tied to the rise and collapse of the LIBRA token, which caused significant investor losses.
At the time, Meteora stated that neither Chow nor the platform engaged in wrongdoing, and an independent investigation by law firm Fenwick & West followed.
Earlier today, a class action lawsuit was filed in the Southern District of New York accusing Chow of using celebrity endorsements from Melania Trump and Argentine President Javier Milei to defraud investors of at least $57 million.
