Core Insights - The launch of Trump and Melania cryptocurrency tokens has resulted in a significant loss of $4.3 billion in retail wealth, with 2 million investors holding underwater positions [1] - The TRUMP token has seen a decline of 92%, dropping from an all-time high of $75 to $3.55, while the MELANIA token has fallen 99% from $13.05 to 11 cents [2] - The decline of these tokens is attributed to structural design issues rather than general market conditions, with evidence of developers draining liquidity pools [3] Token Performance - The TRUMP token's primary deployment address transferred $94 million in USDC to Coinbase in December 2025, indicating significant insider activity [4] - Developers employed a single-sided liquidity provision strategy, allowing them to sell their holdings to retail buyers without pairing with dollar equivalents [4] - This strategy led to the systematic conversion of assets into USDC, raising concerns about continued dilution for remaining holders [5] Insider Dynamics - Developers have locked $2.7 billion in insider tokens in smart contracts until 2028, aligning with the end of Trump's presidential term, suggesting a planned exit strategy [5]