- Magic Eden is down 15% as the price extends the downtrend.
- The ME token rose sharply before paring all the gains after Trump’s sons distanced the Trump Organization from a new wallet announcement.
- Magic Eden price could dip to support around $0.78, its all-time low reached in April.
Magic Eden (ME) price is down by more than 15% in the last 24 hours as the altcoin extends losses since the sharp downturn from highs of $1.15 on June 3, 2025.
ME traded around $0.87 amid ongoing downside pressure after recent wallet-related news drama brought the bears out in full swing.
Notably, the declines have the Magic Eden token trending towards its all-time low of $0.78 reached in early April.
Data from CoinMarketCap, which also shows a 58% dip in trading volume, suggests the ATL is about 21% off current price levels.
Why is the Magic Eden price down today?
As noted above, the ME token skyrocketed earlier this week, jumping sharply to hit $1.15 from around $0.8 amid trader excitement.
The catalyst for this vertical move, as seen in the chart below, was the announcement of a Trump-branded crypto wallet.
The Magic Eden social media post on X shared the “big news”, alluding to a partnership between Magic Eden and GetTrumpMemes.com.
The news hinted at “the First and Only Crypto Wallet for True Trump Fans.”
BIG NEWS! The Official $TRUMP WALLET is COMING SOON! The First and Only Crypto Wallet for True Trump Fans.
Join the FREE waitlist for a chance to get a share of $1 MILLION IN $TRUMP REWARDS! Go to https://t.co/PVCQ6YXQ5v NOW!
The $TRUMP Wallet is Powered by @magiceden pic.twitter.com/KA26RzjY6m
— Magic Eden 🪄 (@MagicEden) June 3, 2025
Reaction across the crypto space was whether this was legit, with many pointing to what it meant for the TRUMP and ME tokens.
But shortly after the Magic Eden team shared the news, Donald Trump Jr. posted a public disclaimer that the Trump Organization was not part of the said TRUMP wallet.
The same message came from Eric Trump, President Donald Trump’s other son. Eric cautioned Magic Eden in a post on X:
“I would be extremely careful using our name in a project that has not been approved and is unknown to anyone in our organization.”
ME token technical outlook
Market reaction to the chain of events flipped from positive for ME to negative, with the token dipping below $1.
The retracement has continued in the past 24 hours, bringing the Magic Eden token’s value to below $0.9 on June 5.
Magic Eden price chart by TradingView While the Magic Eden price could flip higher from current levels, the technical picture supports a bearish move.
The RSI on the 4-hour chart is below 50 and indicates a downward move, while the MACD signals bearish strength amid a rising negative histogram.
Further downside action, mirroring broader market weakness, sees the ME token poised near $0.87. If price breaks lower, it could fall to the $0.78 support area.
