NYT Says 1 Million Trump Memecoin Investors Lost $3.81 Billion

About 1 million investors in a memecoin linked to U.S. President Donald Trump have incurred cumulative losses of $3.81 billion.

The New York Times, citing data from crypto analytics firm Nansen, reported on July 4 that about 1 million investors in Trump-related memecoins had posted total losses of $3.81 billion as of the end of June.

Nansen also found that repeated promotion of the token on Truth Social, the social media platform operated by Trump, helped boost trading volume.