Almost 1 million folks misplaced a complete of $3.8 billion by buying President Donald Trump’s $TRUMP meme coin, in line with crypto evaluation agency Nansen.
The New York Instances reported that Nansen’s evaluation was based mostly on publicly traded transactions on the blockchain and confirmed that 988,905 accounts had misplaced cash on meme cash as of the tip of June. This equates to roughly 2 out of three $TRUMP consumers.
On Sunday, $TRUMP was buying and selling at $1.69, down almost 98% from its all-time excessive of $75.35.
Trump introduced the meme coin three days earlier than his 2025 inauguration. Trump beforehand co-founded the cryptocurrency startup World Liberty Monetary along with his sons. The worth of the $WLFI coin additionally dropped considerably.
In his newest monetary disclosure, the president revealed that he made $636 million from the $TRUMP meme coin, almost half of the $1.4 billion he earned from the crypto trade final 12 months.
Underneath the Trump administration, the Securities and Change Fee mentioned it could not regulate memecoins as securities and dropped many lawsuits in opposition to crypto corporations. “President Trump has proudly made the US the crypto capital of the world,” a White Home spokesperson advised the NYT.