Trade Haven Hub - Investing and Stock News
  • Investment Tips
  • Trade Tips
  • Crypto News
  • Economy News
  • Stock Market
  • Investment Tips
  • Trade Tips
  • Crypto News
  • Economy News
  • Stock Market
No Result
View All Result
Trade Haven Hub - Investing and Stock News
No Result
View All Result
Home Crypto News

Magic Eden’s $ME Token Soars 20% After Trump Wallet News – Crash Coming or Trend Reversal?

by
June 4, 2025
in Crypto News
0
Magic Eden’s $ME Token Soars 20% After Trump Wallet News – Crash Coming or Trend Reversal?
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Magic Eden ($ME) just rocketed 20% in a surprise Solana NFT market rally, its second this year, defying months of stagnation. But the token still sits 90% below its all-time high of $14.59, leaving most investors deep in the red.

The move follows a brutal drop to $0.71 in April’s black swan event, with even early investors barely breaking even at the current $1.02 level. Can the Solana marketplace sustain momentum, or is this another dead-cat bounce?

Source: CoinMarketCap

Rare Trump NFT Collectible Sells for $16K, Fueling $ME’s Sudden Pump

Today’s rally is likely tied to the ongoing sale of Donald Trump-themed digital collectibles on Magic Eden, which started on June 2. Just yesterday, one rare collectible sold for over $16,000.

The event has brought renewed attention to the marketplace, with the increased visibility seemingly spilling over into the $ME token’s price action.

Another possible catalyst was Tuesday’s announcement by Magic Eden that it had partnered with the team behind the $TRUMP meme coin to launch the “Official $TRUMP Wallet.”

However, Eric Trump quickly denied involvement, calling the project unauthorized and warning Magic Eden against using the Trump name without approval.

This project is not authorized by @Trump. @MagicEden I would be extremely careful using our name in a project that has not been approved and is unknown to anyone in our organization. https://t.co/OovJGvGOkO

— Eric Trump (@EricTrump) June 3, 2025

Despite the disclaimer, the market reacted positively to the announcement, fueling a classic “buy-the-rumor” rally before Eric’s comments dampened enthusiasm.

Magic Eden Goes Multi-Chain—But Is It Too Late for NFTs?

Initially built on Solana, Magic Eden has since grown into a multi-chain NFT platform, now supporting Ethereum, Polygon, Base, Arbitrum, and Bitcoin in addition to Solana.

Yet, even with access to top-tier collections across reputable chains, Magic Eden continues to battle the broader decline in NFT market momentum.

New data shows monthly sales volume of NFTs has slid from its record high of $17 billion to just $466 million this month.

That’s a 97% drop, from the peak in January. pic.twitter.com/Haq6mgILSh

— Mario Nawfal (@MarioNawfal) September 29, 2022

For context, back in 2022, NFT platforms like OpenSea were recording monthly volumes of around 25,000 $ETH, roughly $66 million at today’s $ETH price.

Now, OpenSea barely averages 50 $ETH (about $132,000) in monthly trades, while Magic Eden, which handled 40 $ETH ($105,800) in December, is currently seeing just 1.1 $ETH ($2,820) in volume.

Source: DefiLlama

Recognizing these shifting dynamics, Magic Eden appears to be expanding beyond NFTs. In April, it acquired the crypto trading platform Slingshot.

According to a press release shared with Cryptonews, the move is part of a strategic transition toward becoming a broader crypto trading hub rather than solely an NFT marketplace.

According to Magic Eden, the long-term goal is to evolve into “the most comprehensive trading platform in crypto.”

Is $1 the Line in the Sand for $ME’s Price Action?

Following prolonged selling pressure, the $ME token now seems to be stabilizing around the key psychological level of $1.

The RSI Divergence Indicator recently flashed a “bull” indicator, with current readings between 50 and 60, a potential sign that bearish momentum is waning.

The $1 support level has held strong for weeks, reinforcing its role as a key price floor. Additionally, the current price action is converging with a long-term downtrend line, a technical setup that often precedes trend reversals.

At press time, $ME stands at a key juncture.

If the token can sustain a breakout above $1.50, it could mark the beginning of a meaningful recovery. Initial resistance levels are expected between the $2 and $2.50 range. However, overhead supply could cap any upside as bag holders look to exit at more favorable prices.

The risk remains that a breakdown below the $1 support could trigger another leg down toward the $0.50–$0.70 range.

The post Magic Eden’s $ME Token Soars 20% After Trump Wallet News – Crash Coming or Trend Reversal? appeared first on Cryptonews.

Previous Post

US judge dismisses DNC election commission lawsuit, in a victory for Trump

Next Post

WIF Price Prediction: Could This Dog Coin 3x Before the Weekend?

Next Post
WIF Price Prediction: Could This Dog Coin 3x Before the Weekend?

WIF Price Prediction: Could This Dog Coin 3x Before the Weekend?

  • Trending
  • Comments
  • Latest
Pepe Price Climbs 43% With Only 21 Days Left to Buy MIND of Pepe Cheap, Nearly $9m Raised 

Pepe Price Climbs 43% With Only 21 Days Left to Buy MIND of Pepe Cheap, Nearly $9m Raised 

May 9, 2025
Bitcoin Price Prediction: At $103,688 BTC Shows Unstoppable Weekly Growth of 7.6% – Could We See a New All-Time High Before June?

Bitcoin Price Prediction: At $103,688 BTC Shows Unstoppable Weekly Growth of 7.6% – Could We See a New All-Time High Before June?

May 10, 2025
Murchison South Increases to 67koz Gold Across Two Pits

Murchison South Increases to 67koz Gold Across Two Pits

May 13, 2025
Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

May 8, 2025
Justin Huhn: Uranium Game On — Supply “Mirage,” De-risked Demand, Next Price Move

Justin Huhn: Uranium Game On — Supply “Mirage,” De-risked Demand, Next Price Move

0
Quantum Computing: its Evolution and its Potential Future

Quantum Computing: its Evolution and its Potential Future

0
Quantum Computing: its Evolution and its Potential Future

Quantum Computing: its Evolution and its Potential Future

0
Air Direct Capture – Reducing CO2 from the Atmosphere

Air Direct Capture – Reducing CO2 from the Atmosphere

0
Justin Huhn: Uranium Game On — Supply “Mirage,” De-risked Demand, Next Price Move

Justin Huhn: Uranium Game On — Supply “Mirage,” De-risked Demand, Next Price Move

June 6, 2025
Crypto Trader James Wynn Confesses He ‘Lost Control’ After Losing $100M in a Month

Crypto Trader James Wynn Confesses He ‘Lost Control’ After Losing $100M in a Month

June 6, 2025
Trump vs Musk: Crypto Market Turns Red, Tesla Closes 14% Lower

Trump vs Musk: Crypto Market Turns Red, Tesla Closes 14% Lower

June 6, 2025
Citadel to Double Down on Crypto Trading This Year Under SEC’s New Regulatory Regime

Citadel to Double Down on Crypto Trading This Year Under SEC’s New Regulatory Regime

June 6, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent News

    Justin Huhn: Uranium Game On — Supply “Mirage,” De-risked Demand, Next Price Move

    Justin Huhn: Uranium Game On — Supply “Mirage,” De-risked Demand, Next Price Move

    June 6, 2025
    Crypto Trader James Wynn Confesses He ‘Lost Control’ After Losing $100M in a Month

    Crypto Trader James Wynn Confesses He ‘Lost Control’ After Losing $100M in a Month

    June 6, 2025
    Trump vs Musk: Crypto Market Turns Red, Tesla Closes 14% Lower

    Trump vs Musk: Crypto Market Turns Red, Tesla Closes 14% Lower

    June 6, 2025
    Citadel to Double Down on Crypto Trading This Year Under SEC’s New Regulatory Regime

    Citadel to Double Down on Crypto Trading This Year Under SEC’s New Regulatory Regime

    June 6, 2025
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 tradehavenhub.com | All Rights Reserved

    No Result
    View All Result
    • Investment Tips
    • Trade Tips
    • Crypto News
    • Economy News
    • Stock Market

    Copyright © 2025 tradehavenhub.com | All Rights Reserved