US President Donald Trump is facing a fresh wave of criticism after the Trump-linked meme tokens TRUMP and MELANIA extended a brutal collapse that has erased most of the frenzy seen around their January 2025 launches. As of April 12, 2026, market data shows TRUMP trading near $2.94 and MELANIA near $0.109, far below their early peaks, while ethics concerns around political access, insider concentration, and token promotion have returned to the center of the debate. The numbers are ugly.