ME token spiked nearly 32% on June 3 after a Trump-branded wallet announcement, but confusion over the Trump family’s involvement caused volatility.
Magic Eden’s native token ME surged by nearly 32% in the late hours of June 3, climbing from below $0.80 to as high as $1.14. This sharp price surge resulted in a 3,000% jump in 24-trading volume, reaching $468 million, according to CoinMarketCap.
This sudden price movement followed a Trump-branded crypto wallet announcement by Trump Wallet’s website. It stated that Magic Eden had partnered with GetTrumpMemes.com for the launch of “official $TRUMP Wallet by President Trump.”
With Billions of Trump fans around the world, the $TRUMP mission has always been to make it super easy for Trump supporters to get into crypto and join the $TRUMP community.
The $TRUMP Wallet powered by @magiceden is coming soon. Join the $TRUMP community!… pic.twitter.com/7nIubWIdqw
— TrumpMeme (@GetTrumpMemes) June 3, 2025
Notably, GetTrumpMemes.com is owned by Fight Fight Fight LLC, a firm jointly owned by CIC Digital LLC, a company affiliated with the Trump Organization. This made the connection seem credible high-profile partnership at first glance.
However, shortly after the announcement, Donald Trump Jr. publicly denied the Trump Organization’s involvement in the wallet. He stated he knew “nothing about it” and that the family’s crypto initiative, World Liberty Financial, would soon release its own official wallet.
The Trump Organization has zero involvement with this wallet product. @EricTrump and I know nothing about it. Stay tuned—World Liberty Financial @worldlibertyfi, which we have been working tirelessly on, will be launching our official wallet soon. https://t.co/h1wO7dy6AX
— Donald Trump Jr. (@DonaldJTrumpJr) June 3, 2025
Additionally, the President’s second son, Eric Trump, warned Magic Eden to “be extremely careful” with the Trump name. He also told the New York Times that the Trump family would take legal action against projects that use their 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 this, Magic Eden and the $TRUMP token team have yet to release a public statement clarifying the confusion. Notably, X has suspended the Trumpwalletapp account, even though it previously had a verification badge.
Market Manipulation Concerns Arise
The conflicting narratives triggered immediate price volatility for the ME token. The cryptocurrency quickly retraced around 13% after the Trump family denied their involvement. At the time of writing, the ME has settled around the $1 mark, still up by 19% in the past day.
Many community members raised concerns about the potential market manipulation of ME price. Crypto influencer Follis noted the price swings that followed conflicting headlines and described the situation as part of “crime season.”
Just in case you forgot that this is crime season$ME pumped +40% on news that it had partnered with Trump to launch a wallet and trading app
Then dumped -20% on headline that the news was fake
Can't make this shit up lol pic.twitter.com/Uv6li3HtAA
— フ ォ リ ス (@follis_) June 3, 2025
Crypto researcher and critic, Molly White, who first covered the Trump wallet controversy, labeled the situation “absolute chaos.”
Absolute chaos. After my scoop about the upcoming launch of a Trump Wallet by Magic Eden, in cooperation with the $TRUMP memecoin team, Magic Eden pushed out their announcement. Both Eric and Don Jr then repudiated the project, stating they had no prior knowledge. pic.twitter.com/Exsr3jti4L
— Molly White (@molly0xFFF) June 3, 2025
Gro3 Radar also commented on the matter, noting the importance of seamless internal communication to ensure “external consistency and trust.”
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