$TRUMP, the memecoin tied to Donald Trump’s name, has left nearly 1 million wallets holding losses since its January 2025 launch. Data from blockchain analytics firm Nansen, cited by The New York Times, shows that out of roughly 1.48 million wallets that bought the token, about 989,000 were underwater by the end of June. Their combined losses, including both realized losses and unrealized drawdowns, totaled $3.81 billion.
Market data from CoinGecko shows $TRUMP trading at $1.66, down 4.2% over the past 24 hours. The token is now about 97% below its January 2025 all-time high of $72.43. Its market capitalization has also fallen sharply, sliding from nearly $15 billion at its peak to about $425 million.
Early buyers captured most of the upside
Nansen’s figures show the gains were concentrated in a much smaller group of early entrants. About 492,000 wallets were profitable, with total gains of $4.04 billion. According to the report, many of those winners bought in during the token’s earliest phase, when the price was still below $1, and exited after the token surged to around $75 within two days of launch.
After offsetting gains and losses across all 1.48 million wallets, aggregate net profit came to only about $236 million. That is less than one-third of the $636 million in token-related income Trump disclosed in his annual financial filing. A 927-page disclosure released by the U.S. Office of Government Ethics showed that the memecoin income flowed as licensing fees through CIC Digital LLC. The filing also said Trump held hundreds of millions of dollars in assets linked to the Trump family-backed DeFi project World Liberty Financial.
$WLFI buyers in secondary trading also posted broad losses
Nansen also tracked $WLFI, the governance token of World Liberty Financial. Among 26,000 wallets that bought the token on the secondary market, about 85% were at a loss, with cumulative losses of $83 million. Total profits for that group were only $23 million. The dataset did not include the 241,000 wallets that participated directly in the token sale, and the report noted that internal exchange trading data is mostly unavailable, meaning the full scale of losses may be larger.
$WLFI is currently priced at about $0.056, and has dropped more than 80% since secondary-market trading opened in September last year. World Liberty Financial spokesperson David Wachsman said the decline reflected weakness across the broader crypto market, arguing that pullbacks in bitcoin and other major assets weighed on the token rather than any issue specific to the project.
Conflict-of-interest scrutiny grows as Congress reviews crypto legislation
Trump has previously rejected concerns over conflicts of interest. He told reporters last week that outside firms manage his money and said people had made money during the market’s rise. White House spokesperson Anna Kelly said Trump was proud to make the United States “the crypto capital of the world” and added that the administration’s actions were guided by the interests of the American public. The $TRUMP team did not respond to requests for comment.
The Nansen data surfaced as Congress reviews the CLARITY Act. Democratic lawmakers are pushing to add ethics provisions that would limit federal officials’ involvement in crypto trading. Senator Kirsten Gillibrand had also proposed banning elected officials and their spouses from issuing or endorsing cryptocurrencies, but that language was removed before a vote on the GENIUS Act in July last year. Bloomberg estimated in January that the Trump family had made about $1.4 billion from crypto-related ventures in the year since Trump took office, nearly one-fifth of the family’s total net worth.