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Nearly 1M $TRUMP coin buyers lost money, NYT analysis shows
The outlet estimates collective losses at US$3.8 billion, while Trump has reported more than US$1.4 billion in crypto income tied to ventures associated with him and his family.
Nearly a million accounts that bought the $TRUMP meme coin have lost money, according to a New York Times analysis based on blockchain transactions, the SCMP Economy says. The report estimates collective losses at US$3.8 billion.
SCMP Economy also notes that Trump has reported more than US$1.4 billion in income from cryptocurrency ventures associated with him and his family. It frames the coin as mixing political branding with digital token speculation.
The piece cites economist Paul Krugman, who called buyers of the coins “suckers” in a pump-and-dump scheme where insiders benefit while naive investors lose.
SCMP Economy argues the buying behavior may reflect more than a conventional investment thesis, describing the coin as similar to politically themed memorabilia and a lottery ticket for supporters who want a digital connection to Trump’s world.