Practically 1 million folks misplaced a complete of $3.8 billion by buying President Donald Trump’s $TRUMP meme coin, in keeping with crypto evaluation agency Nansen.
The New York Occasions 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 top of June. This equates to roughly 2 out of three $TRUMP patrons.
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 together 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 yr.
Underneath the Trump administration, the Securities and Alternate Fee mentioned it might not regulate memecoins as securities and dropped many lawsuits in opposition to crypto corporations. “President Trump has proudly made the USA the crypto capital of the world,” a White Home spokesperson informed the NYT.
