More than 813,000 cryptocurrency wallets have suffered cumulative losses of $2bn since Donald Trump's memcoin purchase $TRUMP, according to Chainalysis analysis. Since its launch on 17 January, the token's value has plummeted from a peak of $75 to $16 dollars. At the same time, the cryptocurrency's creators, including the Trump Organisation, have made $100 million in trading commissions.

Despite warnings that $TRUMP is not a serious investment opportunity, many investors tried to capitalise on its fluctuations. For every dollar earned, investors lost $20. This cryptocurrency project has raised concerns among experts about its ethics and possible conflicts of interest.

Financial analysts point out that memcoin has no real value and is a bubble. With the Trump Organization controlling 80% of the tokens, there are concerns that its owners could use $TRUMP to create political and diplomatic influence.

Recently, the group Public Citizen filed a complaint with the Department of Justice and the Office of Ethics alleging that Trump violated the ban on accepting gifts from the public by promoting his memcoin on social media.