The so-called Trump Trade, once the hottest thesis on Wall Street and in crypto markets alike, has gone from victory lap to damage assessment. Assets tied to Donald Trump’s political brand and policy agenda have cratered across the board.

The Official Trump memecoin ($TRUMP) is down roughly 97-98% from its January 2025 peak of $73-$75. Trump Media stock has shed about 89%. World Liberty Financial tokens are off approximately 82%. And shares of American Bitcoin, another Trump-affiliated venture, have collapsed 95-97%.

A billion-dollar divergence

Financial disclosures from July 2026 show that entities linked to Trump generated over $1 billion in crypto revenue. Trump himself reported personal Bitcoin holdings valued between $100 million and $500 million.

On the other side of that ledger: approximately 989,000 wallets tied to the $TRUMP token alone recorded combined losses of $3.81 billion through June 2026.

How the trade unraveled

Tariff actions and escalating trade disputes, a hallmark of Trump’s economic agenda, introduced persistent volatility across equity markets starting in 2025. The very policies that were supposed to benefit Trump-aligned investments created headwinds that dragged down broad market sentiment.

The $TRUMP token’s 97-98% decline reflects what happens to meme-driven assets that lose their cultural moment, with no earnings report or revenue stream to provide a floor. World Liberty Financial, positioned as a more substantive DeFi play with direct Trump family involvement, declined 82%, suggesting that even projects with some operational substance couldn’t escape waning enthusiasm for politically themed crypto.

What this means for investors

The $3.81 billion in retail losses across nearly a million wallets represents one of the more concentrated episodes of retail pain in recent crypto history. The disconnect between Trump-linked entities booking $1 billion while retail investors lost nearly four times that amount is the kind of ratio that makes headlines and, eventually, makes policy.