A gunfire incident disrupted the White House Correspondents’ Dinner on April 25, leading to an evacuation of President Donald Trump after an armed man breached a security checkpoint at the event. On Truth Social, Trump disclosed that law enforcement subdued the suspect, identified as Cole Allen, amidst numerous controversial claims circulating online.
Initially suggesting organizers continue with the show, Trump later confirmed that authorities mandated the evacuation following established protocols. He reassured that First Lady, Vice President, and Cabinet members were unharmed and shared security footage of the apprehended suspect.
The incident marked a tumultuous day for TRUMP tokens in the crypto market as well. Earlier, on April 25, Trump hosted 297 major holders of his TRUMP memecoin at Mar-a-Lago in Palm Beach, Florida, marketing it as an exclusive event. A keynote address by Trump and a private reception with champagne were part of this gathering.
Despite being the second such event in a year, the TRUMP token’s value has plummeted over 97% from its peak. CryptoSlate data indicated that prices fell to around $2.60, down more than 10% on the day after reaching highs above $75 post-inauguration in January 2025. CoinMarketCap reports showed a market capitalization drop from nearly $10 billion last year to approximately $618 million.
The event has sparked intensified scrutiny of Trump’s crypto ventures. Democratic lawmakers have called for investigations, while ethics experts highlight the unusual intersection between presidential authority and personal financial stakes in digital assets. Crypto analysts, including Simon Dedic of Moonrock Capital, criticized the token’s reputation damage, stating: “The Trump memecoin dinner tonight is one of the most damaging things that has happened to crypto’s reputation in years. Even worse than FTX or Luna.” Dedic also noted that over $4.3 billion was extracted from retail investors, with insider wallets gaining $1.2 billion.
On-chain analysis revealed that many gala attendees sold or transferred their holdings immediately after the event.