Nearly 1 million wallets are down $3.81 billion on Trump's memecoin: report

Nearly 1 million wallets that bought President Donald Trump's official memecoin have lost money since its January 2025 launch, with combined losses of $3.81 billion through the end of June, according to data from analytics firm Nansen reported by The New York Times on Saturday.

The losses fall on 988,905 of the roughly 1.48 million wallets that have bought the Official Trump token (TRUMP), about two out of every three, and include both realized losses and paper losses on tokens still held, per the data. TRUMP traded around $1.78 on Saturday, down roughly 97% from its January 2025 peak, according to The Block's Official Trump Price page.

Gains were concentrated among early buyers. Nansen found 492,285 wallets in profit for a combined $4.04 billion, concentrated among buyers who entered in the token's first hours below $1, before it climbed toward $75 two days after launch.

Across all 1.48 million wallets, gains and losses net out to about $236 million, according to additional Nansen figures shared with CoinDesk. That is barely a third of the $636 million payout Trump reported from the token in his annual financial disclosure, meaning the memecoin has generated far more money for the President than for its buyers as a group.

Trump's 927-page disclosure, released Tuesday by the Office of Government Ethics, listed the memecoin income as royalties flowing through CIC Digital LLC and showed hundreds of millions of dollars more tied to World Liberty Financial, The Block previously reported. 

Trump has previously dismissed criticism of the earnings, telling reporters last week that his money is managed by outside institutions and that everyone is profiting from rising markets. White House spokesperson Anna Kelly told the Times that "President Trump proudly made the United States the crypto capital of the world" and that the administration acts in Americans' best interest.

A representative for the TRUMP memecoin venture did not respond to the Times' request for comment.

Majority of WLFI buyers also underwater 

Nansen also examined WLFI (WLFI), the governance token of the Trump family's DeFi project World Liberty Financial. Of the 26,663 wallets the firm tracks buying the token on secondary markets, 85% have recorded a loss, with $83 million in losses against $23 million in gains.

That count excludes the 241,651 wallets that bought WLFI directly in the project's token sales, and it likely captures only a slice of total losses because most exchange activity is not publicly traceable. WLFI traded around $0.056 on Saturday, down more than 80% since secondary trading opened last September, per The Block's WLFI Price page.

World Liberty spokesperson David Wachsman told the Times that broader market conditions, which have dragged down bitcoin and other cryptocurrencies, were responsible for the token's decline rather than the project itself.

The crypto downturn has deepened the losses. Bitcoin has fallen roughly 50% from the record above $126,000 it set in October, and TRUMP's market capitalization now sits near $425 million, against nearly $15 billion at its January 2025 high.

The Nansen figures arrive as Congress weighs the CLARITY Act, with Democrats pushing to attach ethics provisions restricting crypto dealings by federal officials. Sen. Kirsten Gillibrand has proposed barring elected officials and their spouses from issuing or sponsoring tokens, an idea that was stripped from the GENIUS Act before its passage last July.

Bloomberg estimated in January that the Trump family had amassed roughly $1.4 billion from crypto-related projects in the year since the inauguration, accounting for about one-fifth of its net worth, The Block reported at the time.