Ethereum Layer 2 network MegaETH is slated to launch its mainnet and native token on Feb. 9.
As MegaETH, the Ethereum Layer 2 and real-time blockchain, prepares for its mainnet launch and token generation event (TGE) in February, MEGA’s pre-market valuation has plunged by 20% over the last 24 hours.
The MEGA pre-market perpetual derivative on Hyperliquid plummeted 20% today, falling as low as $0.125, or a $1.25 billion fully diluted valuation (FDV), before rebounding to its current price of $0.148.
MEGA’s pre-market valuation has been in a sustained downtrend since opening at $0.4, implying a $4 billion FDV, after the blockchain’s initial coin offering (ICO) in November.
The ICO attracted a whopping $1.4 billion in commitments for just $50 million worth of MEGA at a $1 billion valuation. However, at current prices, those who successfully contributed to the ICO are less than 50% away from break-even.
Prediction markets are also adjusting for the pre-market’s price action, with Polymarket’s odds of MEGA launching at above a $1 billion FDV falling as low as 73% today. The market traded as high as 94% on Jan. 10.