Crypto Market Movers
By Jean-Luc Maracon
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Mar-a-Lago Gala Can't Stop the Bleeding. The White House chaos capped a rough day for TRUMP. Earlier that same day, Trump hosted nearly 300…
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Democrats Want Answers, Crypto Experts Pile On. Democratic lawmakers are calling for investigations.
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Donald Trump's memecoin lost $100 million in value after gunfire at the White House Correspondents' Dinner forced an evacuation.
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An armed man tried to breach security during the dinner. Law enforcement subdued the suspect, identified as Cole Allen, who carried multiple weapons.
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The White House chaos capped a rough day for TRUMP. Earlier that same day, Trump hosted nearly 300 of his biggest token holders at Mar-a-Lago. Didn't help.
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TRUMP once traded above $75. Now it's down 97% over the past year. CryptoSlate reported the price hit $2.52 on April 25, dropping 20% in 24 hours.
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The Mar-a-Lago event was supposed to rally support. It was the second gathering like this in a year. But token holders who showed up? They sold fast.
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The token's market cap peaked near $10 billion. CoinMarketCap now puts it around $618 million. That's a brutal drop for anyone who bought near the top.
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Democratic lawmakers are calling for investigations. They want to know how a sitting President can push speculative digital assets while in office.
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Simon Dedic from Moonrock Capital didn't hold back. He called the Mar-a-Lago event terrible for crypto's reputation.
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Reports say 45 insider wallets pulled in $1.2 billion. That's sparked insider trading allegations.
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See also: Trump Hosts Crypto Winners at Mar-a-Lago as His Own Token Tanks
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The sell-off after the gala was fast. Most attendees liquidated positions within hours. On-chain analysis caught it all.
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The financial losses hit retail investors hardest. People who bought TRUMP at $50, $60, $70 are underwater. Some lost their entire investment.
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Trump's kept promoting the token despite the criticism. He's posted about it on Truth Social multiple times. But his public support hasn't stopped the price from tanking.
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