Key Developments:
- ME down 15% in 24 hours, trading around $0.87
- Continued downtrend from June 3 highs of $1.15
- Cause: Trump-branded crypto wallet drama
- Trump’s sons distanced themselves from wallet announcement
- Price trending toward April all-time low of $0.78
- Trading volume dropped 58%
📉 Sharp Decline After Euphoria
Magic Eden (ME) 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.
🎢 From Euphoria to Crash: Trump Wallet Drama
Volatility Cause: 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 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.”
🚫 Swift Denial from Trump Family
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 technical picture supports a bearish move:
- RSI on the 4-hour chart is below 50 and indicates a downward move
- MACD signals bearish strength amid a rising negative histogram
- Current price: around $0.87
- Next support: $0.78 (April all-time low)
🎯 Further Movement Outlook
CoinMarketCap data, which also shows a 58% dip in trading volume, suggests the ATL is about 21% off current price levels.
Further downside action, mirroring broader market weakness, sees the ME token poised for a test of $0.78 support.
Bottom Line: Magic Eden’s dramatic 15% crash from Trump wallet euphoria to family denial illustrates crypto’s sensitivity to celebrity endorsements, with technical indicators now pointing toward a potential test of the $0.78 all-time low amid broader market weakness.