Source: The Wall Street Journal (paywall)
Trump's memecoin launch has turned into a retail wealth destruction event, with secondary market buyers of $WLFI experiencing particularly severe losses (85% underwater). This repeats the familiar memecoin pattern—celebrity-backed tokens that function as wealth transfer vehicles from retail buyers to early insiders and promoters—but now with explicit political endorsement. Trump's post-presidency brand is being monetized through the same pump-and-dump mechanics that plague crypto markets.