Nearly one million investors who bought US President Donald Trump’s $TRUMP memecoin have collectively lost about $3.81 billion, according to blockchain analytics firm Nansen.
The report found that 988,905 crypto wallets, representing roughly two out of every three buyers of the $TRUMP memecoin, were at a loss by the end of June, according to The New York Times. The $TRUMP token was trading at $1.76 on Friday, down 97% from its all-time high of $75.35 shortly after its launch in January 2025.
Despite the losses, Trump earned around $636 million from the memecoin, according to his annual financial disclosure. This was part of the more than $2.2 billion he reportedly made from all his business ventures in 2025.
One of the investors who lost money is Nicholas Pinto, a crypto trader who voted for Trump in the 2024 election. Pinto said he invested around $500,000 in the memecoin and has lost about half of that amount.
The memecoin was designed so that Trump and companies linked to him earned transaction fees every time people bought or sold the token. Pinto accused Trump of using the trust people place in a president to promote the token, describing it as “almost a legal scam.”
The White House rejected claims that Trump profited at the expense of his supporters. White House spokesperson Anna Kelly said Trump had made the United States the “crypto capital of the world,” adding, “All actions by President Trump and his administration are taken in the best interest of the American people.”
Nansen also found that around 5 million wallets made a combined $4 billion in profits.
Trump had previously criticised cryptocurrencies but embraced the industry during his 2024 presidential campaign. He and his sons also launched a crypto company called World Liberty Financial, which issued another token called $WLFI. That token has also fallen sharply from its earlier levels.
According to his financial disclosure, he made $799 million from the project in 2025, including hundreds of millions linked to an investment by the United Arab Emirates. A Trump-linked business also received 75% of the revenue from $WLFI token sales.
