Nansen: about two-thirds of Trump's memecoin investors are currently in the red, and 85% of World Liberty's $WLFI buyers on the secondary market are underwater
Roughly two-thirds of investors in the president's memecoin are currently in the red — Morten Christensen made a big bet …
Wall Street Journal
Context & Ripple Effects
Earlier coverage showed that $TRUMP drew a large base of new or small-time buyers near its peak, while Chainalysis found losses spread across hundreds of thousands of wallets and gains concentrated among a small group of highly profitable wallets.
World Liberty has also faced pressure in related coverage: its WLFI token reached an all-time low after the project used WLFI tokens as collateral for a $75 million borrowing. Nansen’s new holder-loss figures extend the investor-outcome story from $TRUMP to WLFI’s secondary market.
First-order effects
About two-thirds of $TRUMP investors and 85% of secondary-market WLFI buyers are holding positions below their purchase price, limiting their ability to exit without realizing losses.
The findings put immediate focus on the gap between early or better-timed participants and later buyers in the two Trump-linked token markets.
Second-order effects
Loss-heavy holder bases can reduce willingness to add capital or trade, making recovery in secondary-market demand more dependent on new buyers than on existing holders.
The data reinforce prior reporting that $TRUMP gains were concentrated in relatively few wallets, increasing scrutiny of how token timing and distribution shape retail outcomes.
Third-order effects
If similar patterns persist, politically associated tokens may increasingly be judged less by headline participation than by whether their market structure repeatedly transfers value from later retail entrants to early holders.
WLFI’s borrowing episode and the underwater-buyer data together point to a broader distinction between token-linked financing activity and sustainable secondary-market support; the durability of that support remains uncertain.
The trend: Trump-linked crypto assets are becoming a prominent example of token markets where broad retail participation can coexist with concentrated gains and weak outcomes for later buyers.
NEW: Trump purchased as much as $5m each in Broadcom, Meta, Amazon, Apple, Microsoft & Nvidia on 7/23/2025. That same day, his Trump administration unveiled its AI action plan, which could help the cos. Prices for most of the stocks have since increased. https://www.nytimes.com/.…
“.. In crypto, people say a game is a game,” the digital-asset entrepreneur said. “He played a better game than I did.” — @wsj.com $WLFI — www.wsj.com/finance/curr... [image]
*These stock purchases were not listed on any of the periodic transaction reports that covered 2025, as is required under law. In fact, Trump's newly filed disclosure report shows he paid a small fine for failing to honor this rule.
On the one hand, this is unseemly and not great for the republic to have public servants profiting like this. On the other, I also bought a chunk of Amazon stock last year.
Whatever one may think about Trump, he's a tremendously successful con artist, snake oil salesman, and corrupt swindler. And almost all the people he swindles are his cult followers. — www.nytimes.com/2026/07/01/u...
“It is hard to wrap your head around that the president of the United States would engage in this level of self-enrichment at the expense of so many of his supporters,” Lee Reiners, former Federal Reserve Bank examiner who now studies cryptocurrency at Duke University, tells The …
WSJ EDITORIAL BOARD: “.. The main difference between Hunter Biden's foreign dealings and the Trump projects is that the Trumps are brazenly open about theirs. — ”.. Americans, and especially his supporters, deserve better from this or any President." — @wsj.com — www.wsj.co…