ALBAWABA - According to a report by the cryptocurrency analytics firm Nansen, almost a million people who bought Trump’s memecoin have lost an estimated total of $3.8 billion.
Trump released the coin three days before his inauguration as president, posting on his Truth Social account:
“It’s time to celebrate everything we stand for: WINNING!” Mr. Trump wrote on social media. “Join my very special Trump community. GET YOUR $TRUMP NOW!”
Despite advertising his coin as standing for “winning”, a million investors in the memecoin lost their money; as Nansen’s data shows that 988,905 buyers of the memecoin have lost money by the end of June, with the number representing two out of every three buyers.
The total estimated loss of these almost a million people is $3.8 billion, which is not a surprising amount seeing as how the coin was trading at $1.76; down 97 percent from its peak of $75.35
However, a small percentage of slick investors recorded profit from the coin, Nansen says that these are the investors who came in on the ground floor when the coin was released; being priced at around $1 - before skyrocketing to $75.
The Trump memecoin site declined to comment on the matter, however, it has released a statement saying that the Trump memecoin should not be bought for investments and returns but as an expression of support for Trump:
“Trump Memes are intended to function as an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol ‘$TRUMP’ and the associated artwork, and are not intended to be, or to be the subject of, an investment opportunity,” the website says.
