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

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

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

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

In a recent financial disclosure, the president revealed that he made $636 million from the $TRUMP memecoin, accounting for nearly half of the $1.4 billion that 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 number of lawsuits against crypto companies. A White House spokesperson told the NYT, “President Trump proudly made the United States the crypto capital of the world.”