While 58 wallets made over US$10 million on United States President Donald Trump’s $TRUMP meme coin, 764,00 were left losing according to blockchain analytics firm Chainalysis.
Those who earned from the meme coin made $1.1 billion in profits combined, according to the analysis.
Most of the wallets that lost money held smaller amounts of the token.
The coin surged in popularity at the start of Trump’s second presidency and has seen sharp price swings and highly uneven returns for investors. Interest spiked for the $TRUMP token after the project’s website promised the top 220 holders a seat at a black-tie-optional dinner with the president on 22 May.
The dinner pushed the coin’s market cap to $2.7 billion at its peak and has since fallen back down to $2.17 billion.
The coin has also received criticism from regulators and ethics watchdogs, with lawmakers questioning whether there's a conflict of interest for the president.
Only 20% of the token’s total supply is still in circulation, with the remaining 80% reportedly controlled by the Trump Organization and affiliated entities and locked under a three-year vesting schedule.
