The price of Magic Eden (ME) plunged more than 15% over the past 24 hours as the altcoin extended losses following a steep decline from the $1.15 highs reached on June 3, 2025.
Amid ongoing downward pressure, ME traded near $0.87 after the latest news drama surrounding the wallet gave bears the upper hand.
Notably, the sell-off has pushed the Magic Eden token toward its all-time low of $0.78, which was recorded in early April.
Data from CoinMarketCap also show a 58% drop in trading volume, and the ATL sits roughly 21% below the current price level.
Why did Magic Eden’s price fall today?
Earlier this week the ME token spiked, climbing from around $0.80 to $1.15 as traders reacted to a sudden burst of excitement.
The catalyst for that sharp move was the announcement of a Trump-branded crypto wallet.
Magic Eden’s social post on X promoted “big news,” suggesting a partnership between Magic Eden and GetTrumpMemes.com.
The announcement promised “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 quickly questioned whether the announcement was legitimate and debated the implications for both TRUMP-branded tokens and ME.
Shortly after Magic Eden shared the news, Donald Trump Jr. posted a public disclaimer stating that the Trump Organization was not involved with the announced TRUMP wallet.
Eric Trump issued a similar statement, warning Magic Eden on X:
“I would be very careful about using our name in a project that is not approved and that no one in our organization is aware of.”
Technical outlook for the ME token
The market’s reaction to the sequence of events shifted quickly from positive to negative, sending ME below $1.
That retracement continued over the last 24 hours, pushing Magic Eden below $0.90 on June 5.
Magic Eden price chart from TradingView
While a rebound from current levels remains possible, the technical picture favors further downside at the moment.
On the four-hour chart, the RSI sits below 50, indicating bearish momentum, and the MACD is showing a negative histogram that points to strengthening downside pressure.
If selling continues—reflecting broader market weakness—ME sits near $0.87 and could test the support zone around $0.78 if the decline deepens.