Trump's Cryptocurrency Is Draining MAGA Supporters' Wallets

During his first term, Donald Trump mocked the crypto industry, calling it “highly volatile” and “based on thin air.” But four years later, he returned to the campaign trail with a different pitch: Make America Great Again … with crypto.

He promised the U.S. would become “the crypto capital of the world.” The former crypto skeptic had become a crypto bro, determined to capitalize on an industry where fortunes rise and fall in seconds.

His crypto journey began in December 2022 with the launch of Trump-branded NFTs—digital trading cards depicting him as a superhero. Priced at $99 each, the collection was a surprise success, netting Trump millions in cash and crypto.

But his most visible and ambitious crypto venture is the $TRUMP token, a memecoin launched on January 18. Issued through CIC Digital LLC (an affiliate of the Trump Organization) and Fight Fight Fight LLC, Trump’s coin debuted with a supply of 1 billion tokens, backed by no product, no platform, and no service. Just branding.

Roughly 200 million tokens were sold at $23.93 apiece, according to crypto data firm CoinGecko. While Trump’s exact stake in the project is unclear, CIC Digital LLC and Fight Fight Fight LLC have realized hundreds of millions of dollars in gains.

The Trump Organization did not immediately respond to a request for comment.

In an interview aired May 4 on NBC News’ Meet the Press with Kristen Welker, Trump was directly questioned about criticism suggesting he was using the presidency for personal gain through a meme coin linked to his name. “I’m not profiting from anything,” Trump told Welker. However, when pressed on the topic, he drew a comparison to stocks: “If I own stock in something and I do a good job, and the stock market goes up, I guess I’m profiting.”

CIC Digital LLC and Fight Fight Fight LLC still hold 800 million $TRUMP tokens, accounting for 80% of the total supply, according to the project’s official website (gettrumpmemes.com). These tokens are slated for phased sale over a period of three years, following a vesting schedule designed to prevent an abrupt sell-off. The first such sale is anticipated in July. This structured approach can be seen as a safeguard against a classic crypto scam known as a ‘rug pull,’ when project creators suddenly cash out and disappear, leaving investors empty-handed.

Despite this, Trump’s team continues to profit. Like a credit card company or ticketing service, they earn a cut every time someone buys or sells. Since January and through May, these fees have generated over $350 million, according to crypto analytics firm Chainalysis. Like a credit card company or ticketing service, they earn a cut every time someone buys or sells.

For retail investors, however, it’s been a bloodbath.

Only a handful of traders made money, most notably those who jumped in early and cashed out during a brief price spike. 

Thousands of individuals who invested small sums in Trump’s crypto ultimately lost much of their money. According to Chainalysis, nearly 764,000 wallets, the digital accounts used to store and access cryptocurrency, suffered losses. In stark contrast, just 58 wallets walked away with over $1.1 billion, averaging more than $10 million each, while the vast majority were “burned.”

Here’s the breakdown: Investors who purchased $TRUMP on January 18 theoretically saw strong initial gains, as the coin surged to $44.28 on January 21 at the close of trading in New York. However, by the time of writing, its value had plummeted to $9.86, according to CoinGecko. That means someone who bought one $TRUMP at $44.28 would have seen their investment shrink by over $34.2, representing a 77.7% loss.

It’s worth noting that $TRUMP briefly reached $73.43 during intraday trading before quickly pulling back on January 19, the day before Trump’s inauguration, giving it a market capitalization of $14.7 billion based on the available supply. Today, its valuation has plummeted to $1.97 billion, meaning more than $12.73 billion in market value has vanished.

“Trump Memes are intended to function as an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol ‘$TRUMP’ and the associated artwork,” warned the GetTrumpMemes.com website. It further stated that the tokens “are not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type.”

In short, CIC Digital and Fight Fight Fight bear no legal responsibility for any investor losses.

$TRUMP was explicitly marketed as a proxy for Trump’s influence, power, resilience, and success. This is how President-elect Trump promoted it on January 17, the day before the meme coin launched: “My NEW Official Trump Meme is HERE!” he posted on X (formerly Twitter). “It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community.” 

Last month, the project held a private dinner for top $TRUMP holders with the President at the Trump National Golf Club in Washington, D.C., in an effort to revive interest. This move not only signaled that $TRUMP offers direct access to the President of the United States but also underscored the token’s lack of any economic fundamentals to support its value, unlike established cryptocurrencies such as Bitcoin.

Prior to the dinner, $TRUMP was trading below $10. It then briefly spiked to over $15 before resuming its declining trend. 

The dinner drew fire from Democrats, who accused Trump of monetizing the presidency.

“What’s happening tonight at Trump’s golf course — where he is hosting a dinner for the top investors in his meme coins — is, in effect, putting a ‘For Sale’ sign on the White House,” lambasted Senator Richard Blumenthal (D-CT). “It’s auctioning off access.”

Even more troubling? The top holder of $TRUMP is none other than Justin Sun, a Chinese crypto billionaire currently under investigation by the U.S. Securities and Exchange Commission (SEC). Sun posted photos and video from the dinner on X:

As the top holder of $TRUMP and proud supporter of President Trump, it was an honor to attend the Trump Gala Dinner by @GetTrumpMemes.

Thank you @POTUS for your unwavering support of our industry!#MakeCryptoGreatAgain🇺🇸 pic.twitter.com/Yy2TuWEgzT

— H.E. Justin Sun 🍌 (@justinsuntron) May 23, 2025

CIC Digital and Fight Fight Fight still hold 800 million $TRUMP tokens that they can sell by 2028. At today’s price of $9.86, that stash is worth $7.9 billion on paper. But in crypto, prices swing fast, and paper fortunes vanish even faster.