President Donald Trump claimed Monday he saved crypto from the Joe Biden administration, even as a new investigation found 988,905 investors lost $3.81 billion on his own TRUMP (CRYPTO: TRUMP) meme coin.

Trump Says Biden ‘Weaponized Government’ Against Crypto

Speaking from the oval Office, Trump said the Biden administration had no understanding of crypto and used government power to destroy the industry, putting people in jail and launching investigations against what he called prestigious people in the space.

“It was a weaponization of government,” Trump said. “It’s amazing it survived that onslaught.” 

He claimed that Biden only turned pro-crypto in his final months because he was losing badly in the polls and needed crypto’s roughly 100 million-strong voter base, at which point his administration dropped investigations and allowed people to leave jail.

Nearly One Million Investors Lost $3.81 Billion On Trump’s Meme Coin

Meanwhile, a Nansen blockchain investigation found that 988,905 wallets, roughly two thirds of all TRUMP buyers, were underwater through the end of June 2025, with combined losses of $3.81 billion. 

Fewer than 500,000 wallets generated profits totaling roughly $4 billion, with those gains concentrated among early buyers who used automated trading strategies to capture the initial surge before retail buyers absorbed the decline.

Trump and affiliated entities earned approximately $636 million from the meme coin in 2025 through trading fees, a revenue model that generated income regardless of whether the token’s price rose or fell. 

TRUMP launched three days before the January 2025 inauguration and has since fallen roughly 97% from its all-time high of $75.35.

The White House Rejected The Conflict Of Interest Framing

White House spokeswoman Anna Kelly told The New York Times that Trump proudly made the US the crypto capital of the world and that all actions by Trump and his administration are taken in the best interest of the American people. 

However, the White House did not address the Nansen findings directly.

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