‘Thin Air,’ Real Money: Donald Trump’s Crypto Products Have Left Investors at Least $4.7 Billion Underwater

Reporting cited here

1. estimate

   Public Citizen reported that Nansen filtered for likely retail wallets and found 25,000 of 31,000 wallets that bought $WLFI on Ethereum decentralized exchanges were underwater as of August 3, 2026, with those losing wallets down $54 million. Winners in that same retail population were up $24 million, producing a separate $30 million net result. The study excluded centralized exchanges and private-sale investors; wallets are not people, and the $54 million gross loss is not Herro's income.

   $WLFI section, paragraphs 253–260: DEX scope, likely-retail filter, wallet count, gross losses, gains, and net result

   Nansen estimates losses among likely retail $WLFI wallets · 25,000 likely retail Ethereum DEX wallets estimated underwater as of August 3, 2026

2. estimate

   Public Citizen reported that Nansen filtered for likely retail wallets and found roughly 1 million of about 1.6 million wallets that bought $TRUMP on Solana decentralized exchanges were underwater by August 27, 2026, down a combined $3.2 billion; about $400 million of that loss had been realized. It also recorded a $73.43 January 19, 2025 peak and $1.37 August 13, 2026 low, a calculated 98.1% drawdown.

   $TRUMP section, paragraphs 296–341: price extrema, likely-retail Solana DEX population, underwater wallets, combined and realized losses, and winner concentration

   Later Nansen study estimates $TRUMP losses across likely retail wallets · About 1 million likely retail wallets estimated underwater by August 27, 2026