Nearly one million retail investors have lost a combined $3.8 billion buying President Donald Trump's $TRUMP memecoin. A blockchain analysis by Nansen quantifies the scale of losses absorbed by followers of the president’s crypto ventures.
The analysis identified 988,905 wallets that lost money as of late June. The coin's price has fallen roughly 98% from its peak shortly after launch. Meanwhile, just under 500,000 wallets recorded profits, a pattern typical of memecoin economics where early algorithmic buyers exit before the retail majority arrives.
Financial disclosures show President Trump personally earned $636 million from the memecoin, nearly half of his $1.4 billion in crypto industry income last year. The issuer's revenue was decoupled from the token's price; Trump-linked entities collected a fee on every trade, making volume, not appreciation, the key driver. A similar structure exists at World Liberty Financial, the crypto start-up Trump co-founded with his sons.
The significant losses have not triggered enforcement action. In February 2025, the SEC announced it would not treat memecoins as securities and has since dropped related lawsuits. The $TRUMP website reportedly carries a disclaimer stating the token is not an investment but a show of support. Legal experts note such disclosures may not prevent future litigation.
The episode is notable for its auditability. Public blockchain transactions provide a clear record of the transfer of billions from retail wallets to the issuer and a narrow band of early traders.