Official Trump ($TRUMP) broke below a multi-week buy wall after an individual attempted to assassinate President Donald Trump on Saturday, April 25.
President Trump’s official memecoin dropped more than 14% in the past three days, trading at about $2.54 on April 27. As a result, the $TRUMP memecoin shed around $100 million in market capitalization in the same timeframe, bringing its valuation to approximately $591.4 million at press time, according to metrics from CoinMarketCap.
Despite the Trump family’s unwavering support, investors’ appetite for this memecoin has dwindled. Furthermore, the token’s 24-hour average trading volume slumped by more than 61%, to approximately $233.8 million at press time.
Additionally, token’s price has crashed by more than 96% since hitting its all-time high (ATH) of $75.35 on January 19, 2025. Nonetheless, this meme still has a significant user base, with more than 651,000 users at the time of publication.
$TRUMP token weakens amid adverse political risks
This memecoin has signaled further weakness following the attempted attack on the President over the weekend. Although the meme tried to recover on Sunday, it opened the last week of April in a bearish outlook.
A few hours before the attempted assassination, the token plunged more than 20% as traders took profit amid hype from the $TRUMP Meme Crypto Conference. After the report of the attempted assassination, the meme’s price hovered around $2.57; it surged to $2.71 a few hours later, but then fell about 6.30% by press time.
The poor performance of this token in the recent past is evident from the fact that the majority of memecoins, led by Pudgy Penguins (PENGU), registered gains over the past seven days. As such, it is evident that the token’s value remains tightly correlated to sentiment around Trump’s presidency, with material downside risk tied to adverse political developments.
