Nearly 1M wallets lose $4B on Trump’s memecoin

The numbers are hard to look away from. Nearly one million wallets, specifically 988,905, have lost a combined $3.81 billion on the Official Trump memecoin, according to analytics firm Nansen. That figure covers losses accumulated through the end of June 2026, roughly 18 months after the token first launched on the Solana blockchain.

To put the scale in perspective: two out of every three wallets that ever bought $TRUMP are currently underwater. Out of an estimated 1.48 million wallets that acquired the token, the losing side accounts for the overwhelming majority.

Who won, who lost, and why the gap is enormous

The flip side of this story is that somebody did make money. Around 492,285 wallets, mostly early buyers, collectively realized approximately $4.04 billion in profits. The winners made more than the losers lost, but the winners represent less than a third of all participants.

Those early buyers had an enormous structural advantage. When $TRUMP launched in January 2025, in the days before Donald Trump’s second inauguration, the token was available for fractions of a dollar. It then surged to an all-time high of $75.35, briefly becoming one of the most-traded assets on Solana.

$TRUMP now trades at roughly $1.76 to $1.81, a decline of 96 to 97% from its peak.

Trump’s personal take from the launch

While retail holders nursed losses, former President Trump reported earnings exceeding $1.4 billion from crypto-related activities in 2025. Of that, $636 million was attributed specifically to the $TRUMP token launch. Financial disclosures covering 2025 income put those figures on the record.

That detail matters for understanding the structure of the trade. The team behind a memecoin launch typically holds a large portion of the token supply at minimal cost. When retail buyers flood in and drive the price up, those early holders, including project insiders, can sell into the demand. The retail buyer provides the exit liquidity.

Nansen’s analysis makes the distribution of outcomes explicit. Sophisticated traders and early entrants captured the upside. Retail buyers, most of whom arrived after the token was already widely covered and priced in, absorbed the downside. The aggregate loss figure of $3.81 billion represents real money that moved from late buyers to early sellers.

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