A deep dive into on-chain data reveals a stark reality for investors in the $TRUMP memecoin. According to analytics firm Nansen, nearly 989,000 wallets holding the token are nursing losses totaling $3.81 billion, while only 492,285 wallets are in profit, with gains of $4.04 billion. The net gain for buyers stands at roughly $236 million.
In stark contrast, former President Donald Trump's personal financial disclosure, filed with the U.S. Office of Government Ethics, reports $636 million in income from the token. This figure is nearly 2.7 times the net gains recorded by all profitable buyer wallets combined. Per wallet, Trump's take equates to roughly $643 for each of the 988,905 wallets that are underwater.
The token, which trades under the ticker $TRUMP, currently changes hands at around $1.72, giving it a market capitalization of approximately $408 million. This represents a staggering 97.7% drop from its all-time high of $75.35. Trading volume over the past 24 hours was about $157 million, indicating continued activity despite the massive losses.
The structure of the token's distribution raises additional concerns. According to the project's website, entities linked to the Trump Organization—CIC Digital LLC and Fight Fight Fight LLC—together hold 80% of the token supply. Their stake is locked for three years, but they are also entitled to receive trading fees from the token's ecosystem. This setup means that even as the token's price plummets, the promoters can continue to generate income from trading volume, a dynamic critics have labeled problematic.
The losses are not confined to $TRUMP. Another Trump-linked crypto project, World Liberty Financial (WLFI), is also bleeding. Nansen data shows that 22,715 out of 26,663 WLFI wallets (about 85%) are in the red, with total losses of $83 million versus $23 million in gains. WLFI is trading near $0.056, down more than 80% from its highs, with a market cap of $1.8 billion.
Political and Regulatory Fallout
The disclosure has intensified scrutiny of Trump's business dealings while in office. Senator Kirsten Gillibrand (D-NY) renewed her call on July 3 for a ban on elected officials and their spouses from issuing or backing digital assets. “Public officials and their spouses should not be issuing memecoins,” Gillibrand said, pointing to the $636 million figure as evidence of a conflict of interest.
Market analysts have also weighed in. Dan Weiskopf, portfolio manager at Tidal Financial Group, told Business Insider the filing was “adding fuel for the skeptics.” Daniel Newman, CEO of The Futurum Group, noted that the gains were “not from appreciation but from token issuance.” Ross Gerber, a wealth manager, called the memecoin moves “a straight up grift of his own supporters.”
The White House and Trump's economic team have pushed back. Treasury Secretary Scott Bessent told CBS News he doesn’t see an “appearance problem” and described the administration as an “innovation presidency.” White House spokesperson Anna Kelly also told CBS there are “no conflicts of interest.” Trump himself told CNBC he wasn’t aware of the ventures and said, “there’s nothing illegal, there’s nothing wrong with it.”
With the token's market cap of $408 million representing less than 11% of the $3.81 billion loss pool, the path to recovery for investors appears steep. The fully diluted valuation of $1.7 billion is also dwarfed by the losses. As trading continues, the key question remains whether new buyers will step in to absorb potential supply unlocks and cover the massive losses that now far exceed the current market value.
