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Close to a million investors of the Trump memecoin lost a collective $3.8 billion, even as the president disclosed $636 million in earnings
Yahoo • • business
Key Points:
- President Donald Trump has earned approximately $636 million from his $TRUMP memecoin, with his affiliated companies owning about 80% of the token supply and profiting from transaction fees regardless of price fluctuations.
- Of the 1.48 million wallets that purchased the $TRUMP coin since its launch in January 2023, around 66% incurred losses totaling $3.81 billion by June 2024, according to blockchain analytics firm Nansen.
- The $TRUMP memecoin, a highly volatile token not tied to intrinsic value, peaked at $75.35 but has since dropped 97% to $1.68, leaving most retail investors with significant losses while early buyers saw substantial gains.
- Trump's crypto earnings, including from $TRUMP and World Liberty Financial ventures, reached $1.4 billion in 2023, forming a major part of his financial empire despite his previous skepticism towards cryptocurrency.
- The White House stated Trump is not involved in business decisions and denied any conflicts of interest involving him or his family related to the cryptocurrency ventures.
