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Meteora’s MET token is coming out of its initial slump following the long-awaited airdrop. MET is rediscovering its price range, as traders look to the Meteora DEX activity and fee generation.
Meteora’s MET token expanded by nearly 30%, returning to over $0.51. MET is yet to regain its post-aridrop position, when the asset immediately faced selling pressure. However, the recent price expansion suggests MET may make a comeback and enter a period of price discovery.
MET reached a weekly high, recovering from the initial sell-off after the airdrop. | Source: CoingeckoMET started its trading history from a brief all-time peak at $0.61 and is now on track to recover that price range. The current MET rally hinges on the token’s representation on Bybit, as trading volumes expanded to higher ranges for the past weeks.
The token also relies on active decentralized pairs, with the main one carrying $4.5M in liquidity. The top whale has already realized $1.4M in profits from the token, with renewed buying during the recent rally. KOL wallets have mostly realized smaller profits by selling their entire stakes.
MET may be undervalued based on Meteora fees
Meteora became one of Solana’s leading DEXs, entering the top 10 of fee generation once again. Previously, Meteora has become a top fee producer during periods of highly active token trading.
Meteora produces $1.12B in annualized fees, with over $102M for the month of October. The DEX is almost catching up with Uniswap, which has $1.31B in annualized fees, and locked in over $132M in fees for October. The main difference is that Uniswap achieves those results as a multi-chain venue, with traffic from Ethereum, BNB Chain, and other major networks.
Meteora relies solely on Solana, reflecting its recent success as one of the networks with the biggest real economy. The DEX carried trades between stablecoins, but was also a venue for popular meme assets.
Currently, Meteora is trying to revive its volumes, after briefly peaking with TRUMP and MELANIA trading. The DEX also benefits from the growing supply of USDC on Solana.
Will MET rise to a higher range?
Meteora is already a top 5 DEX, with over $5B in weekly volumes. The platform is not so far behind Raydium, Solana’s leading DEX.
MET is expected to also rise on eventual token burns, similar to PUMP. The MET rally followed the recent UNI pump, driven by expectations of buybacks and token burns, as Cryptopolitan recently reported.
Open interest for the relatively new token is building up, mostly on the Bybit derivative market. MET currently has $62M in open positions, with room for growth.
Only four whales are placing bets on Meteora through Hyperliquid, with only one large trader holding a long position. MET expects additional listings on centralized exchanges, as well as a drive to build up liquidity. Meteora itself encourages more liquidity inflows to its pools, in a bid to offer competitive trading options.
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