Cryptocurrency Prices Increase by 32% Before Declining: Potential Influence of Trump?

Magic Eden’s native token, ME, experienced a significant surge of almost 32% on June 3, catapulting from below $0.80 to a staggering $1.14. This sudden increase led to a remarkable surge in trading volume, jumping by an impressive 3,000%, totaling $468 million over 24 hours, as reported by CoinMarketCap.

This surge was primarily triggered by the announcement of a Trump-branded cryptocurrency wallet on the Trump Wallet website. The announcement revealed a collaboration between Magic Eden and GetTrumpMemes.com, further intensifying the excitement among investors and traders.

The affiliation with GetTrumpMemes.com, a website operated by Fight Fight Fight LLC, a company jointly owned by CIC Digital LLC, a Trump Organization affiliate, initially lent credibility to the partnership. However, the exhilaration was short-lived as Donald Trump Jr. promptly denied any involvement of the Trump Organization in the wallet project. In a public statement, he clarified that he had no knowledge of the project and emphasized that the family’s official crypto endeavor, World Liberty Financial, would soon unveil its own wallet.

Eric Trump, the President’s second son, echoed this sentiment and cautioned Magic Eden against associating the Trump name with unauthorized projects, hinting at potential legal repercussions for unauthorized use of the Trump brand.

Despite these swift denials from the Trump family, Magic Eden and the $TRUMP token team have yet to address the confusion officially, leaving many investors and observers on edge. Notably, Twitter has suspended the Trumpwalletapp account, which previously boasted a verified badge, adding another layer of uncertainty to the situation.

Following the conflicting statements and lack of clarity, the ME token witnessed a rapid price retracement of approximately 13%, though it still remained around the $1 mark, showing a notable uptick of 19% in the preceding day. Concerns about potential market manipulation of ME’s price emerged within the community, with influencers and researchers highlighting the abrupt shifts and the underlying chaos in the market.

Crypto influencer Follis highlighted the drastic fluctuations in ME’s price following conflicting reports, labeling the situation as a reflection of the current market climate. Similarly, crypto researcher Molly White expressed dismay over the unfolding chaos surrounding the Trump wallet controversy, emphasizing the need for cohesive communication and consistency in the market.

As the situation continues to evolve, the cryptocurrency community remains vigilant, underscoring the importance of transparency and accurate information dissemination to maintain trust and confidence in the market. The volatility and uncertainty surrounding ME’s price underscores the need for caution and due diligence in navigating the cryptocurrency landscape amid evolving market dynamics.