The Mar-a-Lago encrypted private banquet caused large investors to sell off, and a sudden incident at the White House dragged the TRUMP token down significantly.

Written by: Oluwapelumi Adejumo

Translated by: Saoirse, Foresight News

On April 25th, the White House Correspondents' Dinner was abruptly interrupted by gunfire. A man armed with multiple weapons forced his way through the security checkpoint of this large event, leading to President Donald Trump's emergency evacuation.

Trump posted on Truth Social that American law enforcement had subdued the suspect, who was later identified as Cole Allen. Meanwhile, a large number of controversial comments about this incident emerged on social media.

At the beginning of the incident, Trump had asked the organizers to "continue the event as planned," but later confirmed that the relevant departments had ordered everyone to evacuate urgently according to safety protocols.

He stated that the First Lady, Vice President, and cabinet members were all unharmed and subsequently released photos of the suspect being subdued along with security footage.

TRUMP token hits historic low

This security panic event at the White House marked the end of a turbulent day. Earlier that day, the cryptocurrency market experienced severe volatility due to Trump-related assets.

On the morning of April 25th, the president hosted 297 large holders of TRUMP Meme coins at Mar-a-Lago in Palm Beach, Florida.

This event was designated as an exclusive elite gathering, where Trump delivered a keynote speech; among them, 29 top holders were invited to a private reception to toast with him.

This was also the second time Trump held a similar exclusive offline event for the token in the past year.

However, the endorsement effect brought by the presidential status completely failed to boost the TRUMP token market. The value of this token has plummeted over 97% in the past year.

According to CryptoSlate data, the price of TRUMP dropped to a low of $2.52, nearly a 20% decline from the 24-hour high; compared to over $75 during the inauguration hype in January 2025, the drop is extremely severe.

The token's market capitalization evaporated by about $100 million in one day, leaving only $590 million.

The scale of overall asset shrinkage is shocking. CoinMarketCap data shows that the market value of this token has crashed from nearly $10 billion at the beginning of last year to about $618 million at the time of publication.

Trump's cryptocurrency layout faces scrutiny and questioning from multiple parties

This closed-door banquet further intensified external criticism of Trump's extensive involvement in the cryptocurrency field, with Democratic Party members in the U.S. calling for a special investigation into this matter.

In addition, ethics experts have pointed out serious pitfalls repeatedly: the binding of the president's public power identity with his personal speculative digital asset financial interests presents a serious and abnormal conflict of interest risk.

Criticism and doubt within the cryptocurrency industry have also intensified. Simon Dedic, founder of venture capital firm Moonrock Capital, sharply criticized:

"This Trump Meme coin banquet is one of the malicious events that have severely damaged the reputation of the cryptocurrency industry in recent years, with negative impacts even exceeding the FTX collapse and LUNA debacle."

"Those projects at least pretended to be compliant and legitimate before their collapse; whereas now, the President of the United States openly exploits his identity advantage to harvest retail investors, packaging it as a high-end banquet, without restraint."

Dedic also pointed out that this Trump-linked token has absorbed over $4.3 billion from ordinary retail investors, while 45 internal related wallets have profited as much as $1.2 billion from it.

Main holders of TRUMP token (Source: Dethective)

On-chain analysis data shows that most large holding wallet addresses attending this banquet immediately sold or transferred all tokens after the event ended, cashing out concentratedly.