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New York Times: Nearly One Million Investors Lose $3.81 Billion in Trump-Themed Tokens

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On July 4, the New York Times reported that a recent analysis revealed that by the end of June, nearly one million investors had cumulatively lost about $3.81 billion in investments related to Trump-themed meme coins. Crypto analytics firm Nansen stated that the trading mechanisms of these tokens allowed Trump to profit from both price fluctuations, as his earnings primarily came from transaction fees and ongoing market trading activities. Additionally, the promotion of these tokens on the social platform Truth Social further amplified trading volumes. Data shows that during his 2024 campaign, Trump shifted from being a 'crypto skeptic' to embracing the commercialization of digital assets, co-founding the crypto project World Liberty Financial with his children, which issued the $WLFI token that also experienced significant declines. Furthermore, the TRUMP token launched just days before his inauguration has been described as a 'speculative asset lacking practical use' and has already undergone a noticeable correction.
TRUMP1.57%
WLFI-0.01%
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