Over 760K lost money on Donald Trump's memecoin: Report

Over 764,000 wallets that bought into President Donald Trump’s TRUMP meme coin are now in the red, according to new data shared. The vast majority of the wallets lost only modest sums, indicating that retail investors have been the biggest losers in the sell-off.The figures, which CNBC reported, originate from blockchain analytics firm Chainalysis and show that, despite 2 million wallets having bought some of the coins, gains have been concentrated to a significant degree.The profits are also disproportionately spread among a few early whales. Only 58 wallets received more than $10 million each, aggregately bringing in roughly $1.1 billion. The researchers at Chainalysis also discovered that the majority of the token supply (80%) was locked according to the data allegedly owned by Fight Fight Fight LLC and CIC Digital LLC, which are both controlled by the Trump Organization.The Permanent Subcommittee on Investigations of the Senate has formally started looking at the structure and income flow of the token. Legislators are particularly worried because the token, together with associated company World Liberty Financial, directs 75% of income to the Trump family, therefore generating a conflict of interest.The project drew renewed attention in April when the company announced a May 22 dinner at Trump National Golf Club in Washington, D.C., as a thank you for the top 220 holders. Even as the price of TRUMP remains volatile, new buyers keep flooding in—54,000 wallets have joined since the rally. Still, questions over insider profits and ethics are piling up. At press time, TRUMP is trading at $10.73, down by 17.26% in the last seven days.