Trump Memecoin Loses $3.8 Billion for Nearly One Million Investors

A report from a cryptocurrency analytics firm revealed that nearly one million investors lost a total of $3.8 billion on the Trump memecoin. The coin, which was launched in 2019, was marketed as a way for supporters to show their loyalty to former President Donald Trump.

According to the report, most retail investors who bought the coin ended up losing money, while sophisticated traders were able to profit from it.

The cryptocurrency analytics firm analyzed data on the memecoin's performance and found that its value plummeted after a brief surge in 2021. The report also noted that the majority of investors who lost money were retail investors who bought the coin at its peak price.