Nearly a million people lost a total of $3.8 billion after purchasing President Donald Trump’s $TRUMP memecoin, according to cryptocurrency analytics firm Nansen.

The New York Times reports that Nansen’s analysis is based on publicly visible transactions on the blockchain, showing that 988,905 accounts had lost money on memecoin as of the end of June. That’s about two out of three $TRUMP buyers.

As of Sunday, $TRUMP was trading at $1.69, down nearly 98% from its high of $75.35.

Trump announced memecoin three days before his inauguration in 2025. He previously co-founded a crypto startup, World Liberty Financial, with his sons. The value of the $WLFI coin has also decreased significantly.

In a recent financial disclosure, the president revealed that he made $636 million from the $TRUMP memecoin, which is almost half of the $1.4 billion the president made from the crypto industry last year.

Under the Trump administration, the Securities and Exchange Commission said it would not regulate memecoins as securities and dropped a number of lawsuits against crypto companies. A White House spokesperson told the New York Times: “President Trump has proudly made the United States the crypto capital of the world.”