In news that will surprise approximately no one who understands how memecoins work, nearly 1 million people have collectively lost $3.8 billion after buying President Donald Trump's $TRUMP token. According to crypto analytics firm Nansen, 988,905 accounts - roughly two out of every three buyers - are sitting on losses as of the end of June. The token currently trades at $1.69, down a breathtaking 98% from its all-time high of $75.35.

Trump launched the memecoin three days before his 2025 inauguration, adding it to his existing crypto portfolio that includes World Liberty Financial, co-founded with his sons. That venture's $WLFI coin has also taken a nosedive. A recent financial disclosure revealed that Trump personally pocketed $636 million from the $TRUMP token, accounting for nearly half of the $1.4 billion he made from crypto last year.

Under the Trump administration, the SEC has conveniently decided that memecoins aren't securities and has dropped multiple lawsuits against crypto companies. A White House spokesperson told the New York Times, "President Trump proudly made the United States the crypto capital of the world." Which is technically true, if by "capital" you mean "place where a lot of people lost a lot of money."