764,000 wallets Lost on $TRUMP meme coin
Chainalysis estimates that 764,000 wallets that bought President Donald Trump's $TRUMP meme coin have lost money
Quick overview
- Chainalysis estimates that 764,000 wallets holding President Trump's $TRUMP meme coin have incurred financial losses, primarily among those with smaller token quantities.
- Approximately 2 million wallets have purchased the $TRUMP token, with 58 wallets generating over $10 million each, totaling around $1.11 billion in gains.
- The token's market capitalization peaked at $2.1 billion but has since declined, despite 100,000 new wallets buying $TRUMP since mid-April.
- Lawmakers are investigating potential conflicts of interest related to the $TRUMP token and its revenue model, amid scrutiny from ethics watchdogs and regulators.
Chainalysis estimates that 764,000 wallets that bought President Donald Trump’s $TRUMP meme coin have lost money. According to the company’s on-chain analysis, most wallets that experienced financial losses contained smaller quantities of the token.
Crypto wallets are the accounts that store the keys needed to access and manage your cryptocurrency holdings. According to Chainalysis, approximately 2 million wallets have purchased the $TRUMP token; 58 wallets have made over $10 million each, totaling around $1.11 billion in gains.
The $TRUMP token has experienced sharp price fluctuations and highly inconsistent returns for investors, especially since it gained popularity following Trump’s second term. Most of the token’s supply is held by LLCs, including Fight Fight Fight and Digital CIC LLC.
After the project’s website promised the top 220 holders a seat at a black-tie-optional dinner with the president, interest in the coin surged by more than 50%.
The President Trump National Golf Club will host the $TRUMP event on May 22, which includes a White House tour and a reception for the 25 wallets with the biggest coin balance.
The token’s market capitalization peaked at $2.1 billion, but declined to about $2.17 billion.
Despite continued volatility in the larger cryptocurrency market, Chainalysis reported that since April 15, 100,000 new wallets have bought $TRUMP, prolonging the post-announcement spike. Ethics watchdogs and regulators watch the Trump-branded meme token.
Now, lawmakers are formally looking into whether the $TRUMP meme coin and World Liberty Financial, a related cryptocurrency business that gives the Trump family 75% of its profits, present a direct conflict of interest for the president.
House Democrats bounded out of a crypto hearing in protest, and the Senate’s Permanent Subcommittee on Investigations is checking into the token’s revenue model and ownership structure.
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