Magic Eden (ME) has declined more than 15% over the past 24 hours as the altcoin extends losses following a sharp downturn from a peak of $1.15 on June 3, 2025.
ME traded around $0.87 amid sustained selling pressure after a recent wallet-related news drama put bears in control.
As a result of the sell-off, the Magic Eden token is trending toward its all-time low of $0.78, recorded earlier in April.
CoinMarketCap data, which also show a 58% drop in trading volume, indicate the all-time low is approximately 21% below the current price level.
Why did Magic Eden’s price drop today?
As noted above, the ME token surged earlier this week, jumping from roughly $0.80 to $1.15 amid trader excitement.
The catalyst for that vertical move, as shown by market activity, was an announcement linked to a Trump-branded crypto wallet.
Magic Eden’s social media post on X promoted “big news,” describing a partnership between Magic Eden and GetTrumpMemes.com.
The announcement advertised “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
The crypto community immediately questioned the announcement’s legitimacy and debated what it meant for TRUMP and ME tokens.
Soon after the Magic Eden team shared the news, Donald Trump Jr. posted a public disclaimer stating that the Trump Organization was not affiliated with the promoted TRUMP wallet.
Eric Trump, another son of President Donald Trump, issued a similar warning on X, telling Magic Eden to be cautious:
“I would be very careful using our name on a project that is not approved and unknown to anyone in our organization.”
ME token technical outlook
Market reaction to the unfolding events flipped ME’s momentum from bullish to bearish, pushing the token below $1.
That downtrend continued over the last 24 hours, dragging Magic Eden below $0.90 on June 5.
While a rebound from current levels is possible, technical indicators favor further downside.
The 4-hour RSI sits below 50 and is pointing lower, while the MACD signals weakening momentum with a growing negative histogram.
Broader market weakness is reflected in ME’s fall to around $0.87. If selling persists, the price could test the $0.78 support area.