Trump's Coin Made Him $636 Million. 989,000 People Lost $3.81 Billion.
On-chain reconstruction of every TRUMP meme coin trade since the January 2025 launch. Who got paid, who got wiped, and how the two numbers line up.
The TRUMP token was launched on Solana on January 17, 2025, three days before Donald Trump was sworn in for a second term. Within 36 hours it printed a peak price of about $73. Within 12 months it was trading at $1.79, a fall of more than 97 percent from peak. In between, roughly 4.6 million trades moved through 990,000+ wallets. American Muckrakers pulled the on-chain record and reconciled realized profit and loss, wallet by wallet.
The headline finding is simple. About 1,700 wallets, roughly 0.17 percent of everyone who touched the token, captured $3.25 billion in realized gains. 751 of those wallets cleared more than a million dollars each. The single biggest winner, a wallet tagged naseem.sol, cleared $53.4 million on just 25 trades. On top of the on-chain winnings, Donald Trump’s 2025 personal financial disclosure listed a $636 million windfall attributable to the coin and related entities. That number is his, not ours; it comes from the disclosure his own filers signed.
On the other side of the same trade, 988,905 wallets are underwater. Combined losses: $3.81 billion. Average loss per underwater wallet: $3,853. These are not paper marks; they are realized losses booked against actual buys, plus mark-to-market on wallets that are still holding a token that has lost 97 percent of its value and shows no sign of recovering it.
The mechanic is not complicated. At launch, roughly 80 percent of the token supply was held by Trump-affiliated entities under a vesting schedule. The remaining float was made available to the market at the peak. Retail buyers, most of them in the United States, absorbed the sell-side as insider allocations unlocked and were distributed. The chart of price against holder count shows the pattern with the clarity of a physics experiment: price falling from $73 toward $2, holder count climbing from a few thousand into the high hundreds of thousands, most of them buying above $10.
The people on the losing side are not, generally, sophisticated traders. Our intake so far, running for six weeks at muckrakers.today/trumpcoinripoff, is dominated by first-time crypto buyers who bought because the President of the United States was promoting the coin on his own social platform. A meaningful fraction are retirees. A meaningful fraction bought on borrowed money. The average loss is nearly $4,000. For the household budgets we are hearing about, that is not recoverable.
There are two accountability questions worth asking now. The first is a securities question. The Trump organization’s posture has been that the token is a collectible, not a security, and therefore not subject to registration or disclosure. The SEC under the current administration is not going to test that theory. A private plaintiff, or a state attorney general, might. The second is a political question. The President of the United States personally promoted an asset that transferred at least $3.81 billion from ordinary Americans into a small circle of wallets, several of which are connected to his own family and business partners. Congress has the authority to investigate that. It has, so far, chosen not to.
If you bought the TRUMP token and lost money, we want your story. The intake form is at muckrakers.today/trumpcoinripoff. It takes about two minutes. Your account, with your permission, will be used to inform the ongoing reporting and, if you consent, to support any legal accountability that follows. We do not sell your data, we do not share your wallet address without your written permission, and every field except your name and email is optional.
Share your story
If you bought the TRUMP token and lost money, we want to hear from you. The intake form is at muckrakers.today/trumpcoinripoff. Takes about two minutes. Your name and email are the only required fields.
Sources
On-chain aggregation of every TRUMP token trade on Solana, January 17, 2025 through July 4, 2026. Realized and unrealized PnL computed wallet-by-wallet across 4.6 million trades. Data pipeline: github.com/Parallax-Advisory/trump-coin-tracker.
Donald J. Trump, Executive Branch Personnel Public Financial Disclosure Report (OGE Form 278e), filed 2025. Section listing income and asset value attributable to the TRUMP token and related entities.
American Muckrakers reader intake, muckrakers.today/trumpcoinripoff, ongoing.
Originally appeared on Muckrakers.today, July 5, 2026.