Nearly 1 million investors lost a total of approximately US$3.8 billion after purchasing the "Trump Coin" (code: $TRUMP) launched by US President Donald Trump. The data comes from an analysis by cryptocurrency analytics firm Nansen based on public blockchain transaction records.
According to the New York Times citing Nansen’s analysis, as of the end of June this year, a total of 988,905 accounts were losing money on $TRUMP, accounting for approximately two-thirds of all buying accounts. As of Sunday, $TRUMP was trading at about $1.69 on the cryptocurrency market website CoinMarketCap, down nearly 98% from its high of $75.35.
Trump announced the launch of this "meme coin" three days before he takes office in 2025. Prior to this, he had co-founded a crypto startup called World Liberty Financial with his two sons and issued another token, $WLFI. Reports indicate that the price of $WLFI has also fallen sharply.
The latest financial disclosure documents show that Trump himself made a profit of $636 million from the "meme coin" $TRUMP. This figure represents almost half of all the revenue it made from cryptocurrency-related businesses last year - its total revenue from the crypto industry last year was approximately $1.4 billion.
During the Trump administration, the U.S. Securities and Exchange Commission (SEC) announced that it would not regulate “meme coins” as securities. At the same time, the SEC has also dropped a number of lawsuits against cryptocurrency companies, including a case involving the Gemini exchange owned by the Winklevoss brothers that was dropped in January this year. "President Trump is proud to have made the United States the crypto capital of the world," a White House spokesperson told the New York Times.