The Official Trump meme coin experienced a significant decline of 14% on Saturday in response to a violent incident during the White House Correspondents’ Dinner. The situation escalated when a gunman, identified as 31-year-old Cole Tomas Allen from Torrance, California, opened fire at a Secret Service checkpoint around 8:36 p.m. This prompted the evacuation of several high-profile attendees, including former President Trump, Vice President JD Vance, and members of the Cabinet, from the Washington Hilton ballroom.
Allen, who was reportedly armed with a shotgun, a handgun, and knives, was swiftly apprehended. A Secret Service agent sustained a strike to his bulletproof vest but is in stable condition. He now faces a series of federal charges, including using a firearm during a crime of violence and assaulting a federal officer. Investigators have determined that Allen acted alone. He previously worked as an educator and was recognized as “Teacher of the Month” in late 2024.
Despite an address to meme coin holders at his Mar-a-Lago gala, Trump’s remarks did not bolster the TRUMP token’s value, which hovered around $2.63 by Sunday—a staggering 96% lower than its peak of $73.43 in January 2025. The daily trading volume stood at approximately $597 million, marking a continuation of a challenging month for Trump-linked tokens. Other tokens, such as World Liberty Financial, have also seen sharp declines, with WLFI trading around $0.075—an 82% drop from its high in September. These declines are attributed to ongoing lending controversies and a fraud lawsuit involving investor Justin Sun.
In contrast, Bitcoin managed to maintain its position, trading at $77,508 over the weekend, reflecting a 13% increase for the month of April. This stability comes as it decouples from the performance of Trump-branded tokens, with traders attributing the positive movement to ongoing ceasefire discussions involving Iran and a substantial $2.5 billion bitcoin acquisition by a major investment firm.
The impact of the security incident on the appetite for politically-themed tokens remains uncertain, although interest in upcoming crypto events at Mar-a-Lago appears to persist even in light of Saturday’s selloff. The market will closely observe future developments, particularly regarding Allen’s court appearance, which is set for Monday.
