Nearly 1 million people have lost a total of $3.8 billion after purchasing President Donald Trump’s $TRUMP memecoin, according to cryptocurrency analysis firm Nansen.

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

On 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 had previously co-founded a cryptocurrency startup, World Liberty Financial, with his children. The $WLFI coin has also lost value significantly.

In a recent financial disclosure, the president revealed that he made $636 million from the $TRUMP memecoin, representing 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 has said it will not regulate memecoins as securities and has dropped a series of lawsuits against crypto companies. A White House spokesperson told the NYT: “President Trump is proud to make the United States the crypto capital of the world.”