ME Token Surges 32% Amid Trump Wallet Announcement, Then Retraces
Magic Eden's native token ME increased by nearly 32% on June 3, rising from under $0.80 to $1.14. This surge led to a 3,000% spike in 24-hour trading volume, reaching $468 million.
The price movement followed an announcement of a Trump-branded crypto wallet, claiming a partnership with GetTrumpMemes.com for the “official $TRUMP Wallet.”
- GetTrumpMemes.com is associated with Fight Fight Fight LLC, connected to the Trump Organization.
- Donald Trump Jr. denied the Trump Organization's involvement, stating he had no knowledge of it.
- Eric Trump warned Magic Eden about using the Trump name without approval and mentioned potential legal action.
After the denial, the ME token retraced approximately 13%, settling around $1, still up 19% for the day. Concerns about market manipulation arose due to the volatility following conflicting reports.
- Crypto influencer Follis described the situation as indicative of “crime season.”
- Molly White labeled the events as “absolute chaos” following the denials from the Trump family.
- Gro3 Radar emphasized the need for effective internal communication for trust and consistency.
Magic Eden and the $TRUMP token team have not issued a public statement regarding the confusion.