Solana-based NFT marketplace Magic Eden announced it will end support for Bitcoin and Ethereum to focus on Dicey, an online casino and sports betting platform. CEO Jack Lu announced in an X post that they will shut down Ethereum Virtual Machine with Bitcoin Runes and Ordinals marketplaces on March 9, Bitcoin API on March 27, and the crypto wallet on April 1. The platform, ending its NFT buyback program, stated it sees great opportunities in the iGaming sector and will focus on Dicey.
Source: Jack Lu
Magic Eden’s Strategic Transformation and History
Magic Eden is known as one of the leading NFT marketplaces in the Solana ecosystem. However, with the recent crypto market downturn, NFT volume has contracted and total market value has fallen below $1.5 billion. This decision aims to correct the 80% cost expenditure on products that generate 20% of the platform’s revenue. Returning to its Solana roots, it will focus only on NFT packs.
Dicey’s Closed Beta Success and Features
Jack Lu emphasized that 200 users placed $15 million in bets during the two-month closed beta period. Dicey combines on-chain casino games and sports betting with Solana’s speed. This could usher in a new era for blockchain integration in the iGaming sector. The platform leverages Solana’s advantages with low fees and high transaction speeds.
MAGIC Token Price and Current Technical Analysis
The MAGIC token is currently trading at $0.06. 24-hour change -5.03%, RSI 35.54 in the oversold region. Trend is downward, Supertrend giving bearish signal. EMA 20: $0.0666.
| Level | Price | Score | Distance | Sources |
|---|---|---|---|---|
| S1 | $0.0516 | 66/100 ⭐ | -14.57% | Fibo 0.000, ATR Lower |
| S2 | $0.0586 | 64/100 ⭐ | -2.98% | Previous Day |
| R1 | $0.0629 | 70/100 ⭐ | +4.14% | Fibo 0.114, MACD Cross |
| R2 | $0.1296 | 57/100 | +114.57% | EMA 200, SMA 200 |
Click for detailed MAGIC analysis.
Market Impacts: BTC Rise and Solana Connection
Following the US-Iran crisis, Bitcoin rose 0.7% in US futures markets. This geopolitical tension highlights BTC as a safe haven while pressuring Solana tokens like MAGIC. Cutting ETH support may affect the ETH futures market. The Solana (SOL) ecosystem could revive with Dicey.
Risk and Opportunity Analysis for MAGIC Investors
While the downtrend continues, S2 ($0.0586) is strong support. If R1 ($0.0629) breaks, recovery is possible. In the long term, Dicey’s success could increase MAGIC demand. Short-term volatility is high; follow detailed SOL analysis. RSI oversold, opportunity for dip buyers.
Future Expectations and Things to Watch
Magic Eden’s pivot to Dicey could transform the NFT market. Performance after April 1 is critical. BTC Ordinals shutdown will affect the Runes ecosystem. Investors should watch support levels.
Source: https://en.coinotag.com/magic-eden-drops-btc-and-eth-magic-analysis
