Trump fans put millions of dollars into a gold phone and a memecoin. Neither has gone well

TRUMP launched with 80% of supply held by Trump-affiliated entities CIC Digital and Fight Fight Fight, with those tokens scheduled to unlock at approximately $500,000 worth per day (at current prices) through mid-2028. The schedule was disclosed as part of the token's launch terms, but has produced sustained sell-side supply during a period of declining buyer interest.

TRUMP's daily DEX trading volume has dropped from a January 20, 2025 peak of nearly $7 billion across roughly 400,000 traders to about $16 million across just 4,200 traders on May 5, 2026, per Dune Analytics data tracked by user @seoul.

That is a 99% drop in both daily turnover and unique daily participants. Average trade size has fallen from around $2,700 to $260 over the same period, suggesting the remaining buyers are smaller retail accounts rather than the larger speculators who drove the original launch.

The share of TRUMP holders with more than $1,000 in the token has collapsed from roughly 19% at launch to about 2% today, meaning almost every remaining wallet now holds less than $1,000 worth of TRUMP. The token has effectively settled into a long tail of small bag-holders with no large position holders left to drive meaningful price action.

For TRUMP holders, the onchain math suggests that a return to launch-era valuations is becoming increasingly unlikely. At current prices, the remaining insider token unlocks represent more than $2.5 billion in potential supply overhang.

Absorbing that supply would require a demand event larger than anything the token has seen since launch, with the token down 13.6% over the past 30 days and roughly 0.1% on the day.

A dinner hosted by Trump for the top 220 token holders at his Virginia golf club in May 2025 produced a rally that faded within weeks. Tron founder Justin Sun pledged $100 million in TRUMP purchases ahead of the July 2025 unlock, with the token continuing to drift lower in the months that followed.

A separate Mar-a-Lago Crypto & Business Conference on April 25, 2026, limited to the top 297 TRUMP token holders with VIP access for the top 29, drew a letter from Senators Warren, Adam Schiff (Democrat, California), and Richard Blumenthal (Democrat, Connecticut) requesting documents about the President's role in promoting the event.

While Trump tokens and the mobile ventures have different structures and mechanisms, they debuted on the back of front-loaded political enthusiasm, and have struggled in the months since to translate that initial momentum into either delivered product or sustained price support.