TRUMP loses $100M as memecoin market cap plummets after White House shooting incident
Gunfire minimize brief the White House Correspondents’ Dinner on April 25, forcing the evacuation of President Donald Trump after a person armed with a number of weapons charged a safety checkpoint on the high-profile gala.
In a submit on Truth Social, Trump revealed that US regulation enforcement brokers subdued the suspect, who was later recognized as Cole Allen, amid a social media frenzy of controversial claims in regards to the incident.
Trump initially urged organizers to “LET THE SHOW GO ON,” earlier than confirming authorities had ordered a right away evacuation in step with protocol.
He added that the First Lady, Vice President, and Cabinet members had been unhurt, and subsequently shared photographs and obvious safety footage of the suspect after being subdued.
TRUMP token slides to document lows
The safety scare capped a day that had already positioned Trump on the heart of a unique type of volatility within the crypto markets.
Earlier on April 25, the president hosted 297 of the biggest holders of his TRUMP memecoin at his Mar-a-Lago membership in Palm Beach, Florida.
Marketed as an elite gathering, the occasion featured a keynote tackle from Trump, whereas a smaller group of 29 prime holders attended a personal reception and champagne toast with him.
Notably, that is the second of such events that the president has hosted for the token up to now yr.
Still, this presidential entry has did not raise the TRUMP token underpinning the occasions as it has misplaced greater than 97% of its worth over the previous yr.
According to CryptoSlate information, TRUMP’s token worth fell as low as $2.52, down virtually 20% from the 24-hour native high, and a steep drop from the highs above $75 reached throughout the post-inauguration surge in January 2025. That additionally moved the market cap down round $100 million to simply $590 million.
The worth erosion has been stark in mixture worth. CoinMarketCap information exhibits the token’s market capitalization shrinking from practically $10 billion early final yr to about $618 million as of press time.
Scrutiny builds round President Trump’s crypto voyage
The occasion has intensified criticism of Trump’s expanding crypto footprint, with Democratic lawmakers calling for investigations.
On the opposite hand, ethics specialists have repeatedly pointed to the bizarre overlap between the presidential authority and private monetary publicity to speculative digital property.
Meanwhile, crypto specialists have additionally more and more criticized the events and the token, with Simon Dedic, the founding father of enterprise capital agency Moonrock Capital, saying:
“The Trump memecoin dinner tonight is likely one of the most damaging factor that has occurred to crypto’s fame in years. Even worse than FTX or Luna. Those at the very least pretended to be one thing professional earlier than they collapsed. But that is the President of the United States overtly extracting from retail, in broad daylight, and calling it a gala.”
Dedic additionally claimed that the President Trump-linked token has extracted greater than $4.3 billion from retail traders, whereas 45 insider wallets gained $1.2 billion.
Meanwhile, on-chain evaluation additionally confirmed that many of the addresses that attended the gala event “sold or transferred everything out” immediately after the event.
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