Nearly one million investors who purchased US President Donald Trump's $TRUMP memecoin have collectively lost around $3.81 billion, according to a report by blockchain analytics firm Nansen. The report shows that 988,905 crypto wallets were at a loss by the end of June. This means nearly two out of every three people who bought the token ended up losing money.

The $TRUMP memecoin saw a sharp rise after its launch in January 2025. It reached an all-time high of $75.35 within a short time. However, its value later dropped significantly. On Friday, the token traded at $1.76, which is around 97% lower than its highest price. The sharp fall left a large number of investors with heavy financial losses.

Despite the decline in the token's value, Trump earned around $636 million from the memecoin, according to his annual financial disclosure. The earnings formed a part of the more than $2.2 billion he reportedly made from all his business ventures during 2025. The financial disclosure highlights the large income generated from his involvement in cryptocurrency projects.

One of the investors who faced major losses is Nicholas Pinto, a crypto trader who voted for Trump in the 2024 presidential election. Pinto invested nearly $500,000 in the $TRUMP memecoin. He said he has lost around half of that investment. He accused Trump of using the trust people place in a president to promote the token. Pinto described the memecoin as "almost a legal scam."

The report states that Trump and companies linked to him earned transaction fees every time investors bought or sold the $TRUMP token. This business model allowed them to generate revenue through trading activity even as many investors watched the token's value fall.

The White House rejected the claim that Trump benefited at the expense of his supporters. White House spokesperson Anna Kelly defended the president's role in the cryptocurrency sector. She 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."

While many investors suffered losses, not everyone lost money. Nansen found that around 5 million crypto wallets earned a combined profit of about $4 billion. The report suggests that some investors entered and exited the market at the right time, allowing them to make significant gains even as many others recorded losses.

Trump had earlier criticised cryptocurrencies. However, he changed his position during his 2024 presidential campaign and openly supported the industry. His campaign actively pushed towards digital assets, and he later expanded his involvement through several crypto-related business ventures.

Trump and his sons also launched a cryptocurrency company called World Liberty Financial. The company introduced another digital token called $WLFI. Like the $TRUMP memecoin, the value of the $WLFI token has also fallen sharply from its earlier levels.

According to Trump's financial disclosure, he earned $799 million from the World Liberty Financial project in 2025. The filing states that this amount includes hundreds of millions of dollars linked to an investment made by the United Arab Emirates. It also states that a Trump-linked business received 75% of the revenue generated from the sale of $WLFI tokens.

The latest findings have renewed attention on the financial impact of Trump's cryptocurrency ventures. The Nansen report highlights the large losses faced by hundreds of thousands of investors while Trump's financial disclosures show substantial earnings from his crypto-related businesses. The report also presents a mixed picture of the market, with millions of investors making profits even as nearly one million others faced losses worth billions of dollars.