Fresh off the press in the Solana world, buybacks for the $ME token have officially kicked off. As highlighted in a recent tweet by @sol_nxxn, Magic Eden, the popular NFT marketplace, is putting its revenue to work by repurchasing its native token.

Magic Eden reportedly raked in between $16 million and $17 million in revenue over the past year. Under their new buyback program, 15% of that—roughly $2.5 million—will go toward buying back $ME tokens. That could remove less than 4% of the circulating supply annually, based on current calculations.

But here's the big question: Will this be enough to breathe new life into the token? $ME has seen better days, trading at around $0.39 with a market cap hovering near $65 million, according to data from CoinGecko. That's a steep drop from its all-time high of $17, representing over a 97% decline.

The buyback initiative is part of a broader strategy where Magic Eden commits 30% of its secondary marketplace fees to repurchases: half for $ME tokens and half for NFTs. You can check out the details on their official buyback page. This move aims to create sustained demand and reduce supply, which in theory could support price recovery.

In the context of meme tokens and the broader blockchain space, this is interesting because Magic Eden plays a key role in the Solana ecosystem, where memes and NFTs often intersect. Platforms like this help fuel the hype around new projects, and token buybacks could signal confidence to investors looking for signs of long-term viability.

Of course, the crypto market is volatile, and buybacks alone might not be a silver bullet. Factors like overall market sentiment, adoption of Magic Eden's multi-chain features, and competition from other marketplaces will play a big part. Still, with automated buybacks now live, it's worth keeping an eye on how $ME performs in the coming months.

What do you think—could this revival strategy work, or is more needed to get $ME back on track?