Nearly 1 million people lost a total of $3.8 billion after purchasing President Donald Trump’s $TRUMP memecoin, according to cryptocurrency analytics firm Nansen.
The New York Times reported that Nansen’s analysis is based on publicly visible transactions on the blockchain and found that 988,905 accounts had suffered losses on memecoin as of the end of June. This represents approximately 2 out of 3 $TRUMP buyers.
On Sunday, $TRUMP traded at $1.69, down nearly 98% from its high of $75.35.
Trump announced the memecoin three days before his 2025 inauguration. He previously co-founded the cryptocurrency startup World Liberty Financial with his sons. The value of the $WLFI coin also fell significantly.
In his latest financial disclosure, the president revealed that he made $636 million from the $TRUMP memecoin, which is almost half of the $1.4 billion he made from the cryptocurrency industry last year.
Under the Trump administration, the Securities and Exchange Commission said it would not regulate memecoins as securities and dismissed numerous lawsuits against the cryptocurrency company. A White House spokesperson told the NYT, “We are proud that President Trump has made the United States the world’s cryptocurrency capital.”
