The price of Magic Eden (ME) has dropped over 15% in the past 24 hours, continuing a downward trend that began after reaching highs of $1.15 on June 3, 2025. The token is now trading around $0.87 as market pressure mounts, fueled by recent media drama surrounding a wallet announcement that has stirred bearish sentiments.
What is Driving the Decline in Magic Eden’s Price?
Earlier this week, the ME token saw a significant spike, rising sharply to $1.15 from approximately $0.80 amid heightened trader enthusiasm. The catalyst for this surge was the announcement of a branded Trump crypto wallet, which drew considerable attention.
Magic Eden’s social media post on X stated, “BIG NEWS! The Official $TRUMP WALLET is COMING SOON! The First and Only Crypto Wallet for True Trump Fans.” This announcement hinted at a partnership between Magic Eden and GetTrumpMemes.com.
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
However, skepticism arose in the crypto community regarding the legitimacy of the announcement, especially after Donald Trump Jr. publicly stated that the Trump Organization was not affiliated with this wallet. His brother, Eric Trump, also cautioned Magic Eden about using their name without authorization.
Eric Trump stated on X: “I would be extremely cautious about using our name on a project that has not been approved and is unknown to anyone in our organization.”
Technical Outlook for the ME Token
As the market reacted to these events, the sentiment shifted from positive to negative, causing the token to fall below the $1 mark.
The retracement has continued, bringing Magic Eden’s value down further, trading under $0.90 as of June 5. Market data from CoinMarketCap indicates a 58% decline in transaction volume, signaling pressure on the token.
While there is potential for a rebound, the technical indicators suggest a bearish outlook. The RSI on the 4-hour chart is under 50, indicating downward momentum, while the MACD shows bearish strength amid a rising negative histogram.
With the current trading price near $0.87, if downward pressure continues, the token could approach its historical low of $0.78 set in early April.
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