Magic Eden (ME) price 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.
Notably, the declines have the Magic Eden token trending towards its all-time low of $0.78 reached in early April.
Data from CoinMarketCap, which also shows a 58% dip in trading volume, suggests the ATL is about 21% off current price levels.
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As noted above, 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, as seen in the chart below, 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.”
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.”
Market reaction to the chain of events flipped from positive for ME to negative, with the token dipping below $1.
The retracement has continued in the past 24 hours, bringing the Magic Eden token’s value to below $0.9 on June 5.
While the Magic Eden price could flip higher from current levels, the technical picture supports a bearish move.
The RSI on the 4-hour chart is below 50 and indicates a downward move, while the MACD signals bearish strength amid a rising negative histogram.
Further downside action, mirroring broader market weakness, sees the ME token poised near $0.87. If price breaks lower, it could fall to the $0.78 support area.
The post Magic Eden price nears all-time low as 15% dip extends downtrend appeared first on CoinJournal.
Magic Eden price nears all-time low as 15% dip extends downtrend
Source: https://coinjournal.net/news/magic-eden-price-nears-all-time-low-as-15-dip-extends-downtrend/
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