$TRUMP Memecoin Wipes Out $3.8B From 1M Investors

Nearly one million investors in the $TRUMP memecoin have lost a combined $3.8 billion, according to data from blockchain analytics firm Chainalysis. The losses come as the token's price collapsed after an initial surge.

A small group of traders, however, managed to profit nearly $4 billion from the same token, highlighting the extreme disparity in outcomes. The memecoin, which launched earlier this year, was promoted by supporters of former President Donald Trump.

The $TRUMP token is one of many memecoins that have attracted retail investors seeking quick gains. Critics have warned that such tokens are highly speculative and prone to manipulation.

Regulators have yet to take action against the token, but the losses have renewed calls for stricter oversight of the cryptocurrency market.