The problem is that too much MAG is generated daily, the devs did this to attract the miners/ MN.
The price won't go up unless more masternodes are set up.
But MNs get a very low reward because of the 50% so you can run a mn 2-3 days without getting anything.
So people get fooled by the mnrank.com statistics which is wrong - the rewards are much lower than what is listed there.

Not to mention the coinexchange "incident".