- Magic Eden is down 15% as the value extends the downtrend.
- The ME token rose sharply earlier than paring all of the positive factors after Trump’s sons distanced the Trump Group from a brand new pockets announcement.
- Magic Eden value may dip to assist round $0.78, its all-time low reached in April.
Magic Eden (ME) value is down by greater than 15% within the final 24 hours because the altcoin extends losses because the sharp downturn from highs of $1.15 on June 3, 2025.
ME traded round $0.87 amid ongoing draw back stress after current wallet-related information drama introduced the bears out in full swing.
Notably, the declines have the Magic Eden token trending in the direction of its all-time low of $0.78 reached in early April.
Information from CoinMarketCap, which additionally reveals a 58% dip in buying and selling quantity, suggests the ATL is about 21% off present value ranges.
Why is the Magic Eden value down right now?
As famous above, the ME token skyrocketed earlier this week, leaping sharply to hit $1.15 from round $0.8 amid dealer pleasure.
The catalyst for this vertical transfer, as seen within the chart beneath, was the announcement of a Trump-branded crypto pockets.
The Magic Eden social media submit on X shared the “big news”, alluding to a partnership between Magic Eden and GetTrumpMemes.com.
The information hinted at “the First and Only Crypto Wallet for True Trump Fans.”
BIG NEWS! The Official $TRUMP WALLET is COMING SOON! The First and Solely Crypto Pockets for True Trump Followers.
Be part of the FREE waitlist for an opportunity to get a share of $1 MILLION IN $TRUMP REWARDS! Go to https://t.co/PVCQ6YXQ5v NOW!
The $TRUMP Pockets is Powered by @magiceden pic.twitter.com/KA26RzjY6m
— Magic Eden 🪄 (@MagicEden) June 3, 2025
Response throughout the crypto house was whether or not this was legit, with many pointing to what it meant for the TRUMP and ME tokens.
However shortly after the Magic Eden staff shared the information, Donald Trump Jr. posted a public disclaimer that the Trump Group was not a part of the stated TRUMP pockets.
The identical message got here from Eric Trump, President Donald Trump’s different son. Eric cautioned Magic Eden in a submit 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 response to the chain of occasions flipped from constructive for ME to damaging, with the token dipping beneath $1.
The retracement has continued prior to now 24 hours, bringing the Magic Eden token’s worth to beneath $0.9 on June 5.
Whereas the Magic Eden value may flip increased from present ranges, the technical image helps a bearish transfer.
The RSI on the 4-hour chart is beneath 50 and signifies a downward transfer, whereas the MACD alerts bearish energy amid a rising damaging histogram.
Additional draw back motion, mirroring broader market weak spot, sees the ME token poised close to $0.87. If value breaks decrease, it may fall to the $0.78 assist space.
