President Donald Trump promoted a digital token called $TRUMP on social media shortly before taking office, urging his supporters to purchase it. A recent analysis by crypto research firm Nansen indicates that nearly 989,000 of those buyers had lost a combined $3.81 billion by the end of June, as the coin’s value plunged 97% from its peak. Trump, who once criticized cryptocurrency, personally collected $636 million from the venture, according to his annual financial disclosure. The White House defended the president’s crypto activities, saying they were in the public’s best interest. The episode highlights the risks for less experienced investors who followed a political figure’s endorsement.