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Donald Trump’s memecoin, TRUMP, lost about $100 million in value after gunfire at the White House Correspondents’ Dinner triggered an evacuation on April 25, according to reports. The security breach prompted token holders to sell quickly.
An armed man attempted to breach security during the dinner. Law enforcement subdued the suspect, identified as Cole Allen, who was reported to have carried multiple weapons. Trump posted about the incident on Truth Social, saying he wanted to continue but authorities forced an evacuation. The First Lady, the Vice President, and Cabinet members were reported to be safe. Trump also shared photos of Allen on the ground.
The White House chaos came after a difficult day for TRUMP. Earlier on April 25, Trump hosted nearly 300 of his biggest token holders at Mar-a-Lago. Despite the event, the token continued to fall.
TRUMP had traded above $75 previously, but it was down 97% over the past year. CryptoSlate reported the price hit $2.52 on April 25, dropping 20% in 24 hours. Over the same period, the token’s market capitalization fell from about $690 million to about $590 million—roughly $100 million lost in a day.
The Mar-a-Lago gathering was described as the second event of its kind in a year and was intended to rally support. However, on-chain data cited in the reports indicated attendees sold their holdings soon after the gala ended, contrary to the event’s stated purpose.
The token’s market cap reportedly peaked near $10 billion. CoinMarketCap placed it around $618 million at the time of the reports, a sharp decline for investors who bought near earlier highs.
Democratic lawmakers called for investigations, focusing on how a sitting President can promote speculative digital assets while in office. Ethics experts cited concerns about the overlap between Trump’s presidential role and his crypto-related activities.
Simon Dedic of Moonrock Capital criticized the Mar-a-Lago event as damaging to crypto’s reputation, arguing it resembled prior crypto failures but was worse because retail investors were “extracted openly.”
Reports cited allegations involving “insider wallets,” stating that 45 insider wallets reportedly pulled in $1.2 billion. Critics pointed to these wallets as evidence that early holders and insiders cashed out while retail investors were left with losses.
The sell-off after the Mar-a-Lago event was described as rapid, with most attendees liquidating positions within hours. The reports said on-chain activity showed token holders dumping holdings quickly, including before they even left Florida.
Retail investors were reported to be hit hardest, with some buyers allegedly underwater after purchasing at prices around $50, $60, or $70. The memecoin market was described as volatile, but the decline was characterized as especially severe.
Trump continued promoting the token publicly, including multiple posts on Truth Social, but the price decline persisted. Observers and political analysts said the token’s performance is raising questions about sustainability in the memecoin sector, particularly as major holders appear to exit quickly.
Transparency concerns were also highlighted alongside insider-trading allegations. The central ethical debate in the reports focused on the perceived conflict between presidential duties and promotion of a speculative asset.
Overall, the TRUMP token’s reported move from nearly $10 billion in market value to about $618 million underscored the risks of celebrity-backed memecoins. The White House security incident was described as accelerating a decline that was already underway.
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