Nearly 1 million people lost a total of $3.8 billion by purchasing President Donald Trump's $TRUMP meme coin, according to crypto analysis firm Nansen.
The New York Times reported that Nansen's analysis was based on publicly traded transactions on the blockchain and showed that 988,905 accounts had lost money on meme coins as of the end of June. This equates to approximately 2 out of 3 $TRUMP buyers.
On Sunday, $TRUMP was trading at $1.69, down nearly 98% from its all-time high of $75.35.
Trump announced the meme coin three days before his 2025 inauguration. Trump previously co-founded the cryptocurrency startup World Liberty Financial with his sons. The value of the $WLFI coin also dropped significantly.
In his latest financial disclosure, the president revealed that he made $636 million from the $TRUMP meme coin, nearly half of the $1.4 billion he earned from the crypto industry last year.
Under the Trump administration, the Securities and Exchange Commission said it would not regulate memecoins as securities and dropped many lawsuits against crypto companies. “President Trump has proudly made the United States the crypto capital of the world,” a White House spokesperson told the NYT.