764,000 wallets Lost Money on $TRUMP meme coin

Chainalysis estimates that 764,000 wallets that bought President Donald Trump’s $TRUMP meme coin have lost money

The price of the $TRUMP meme coin has fallen sharply, and Chainalysis estimates that 764,000 wallets that bought the token have lost money.

The cryptocurrency wallets are the accounts that hold the keys to access and manage your cryptocurrency holdings. According to Chainalysis, about 2 million wallets bought the $TRUMP token, and 58 wallets had gains over $10 million, or about $1.11 billion in total.

The $TRUMP token has seen sharp price changes and very inconsistent returns for investors, especially since it rose in popularity following Trump's second term. Most of the token's supply is held by LLCs, including Fight Fight Fight and Digital CIC LLC.

After the project's website promised the top 220 holders a seat at a black-tie-optional dinner with the president, interest in the coin surged by over 50%. The President Trump National Golf Club will host the $TRUMP event on May 22, which includes a White House tour and a reception for the 25 wallets with the biggest coin balance.

The token's market capitalization reached a peak of $2.1 billion, but it has since decreased to about $2.17 billion. Despite the larger cryptocurrency market continuing to see volatility, Chainalysis reports that 100,000 new wallets bought $TRUMP since April 15, extending the post-announcement surge.

As the Trump-branded meme token has come under scrutiny from ethics watchdogs and regulators, it seems that interest in the token is heating up once again.

Now, lawmakers are looking into whether the $TRUMP meme coin and World Liberty Financial, a related cryptocurrency venture that gives the Trump family 75% of its profits, pose a direct conflict of interest for the president.

House Democrats walked out of a crypto hearing in protest, and the Senate's Permanent Subcommittee on Investigations is examining the token's revenue model and ownership structure.