Hundreds of thousands of wallets lost on Trump's cryptocurrency. Dozens made millions

Some 764,000 wallets that bought President Donald Trump’s meme coin $TRUMP lost money on the investment , according to new data shared with CNBC by blockchain analytics firm Chainalysis.

Most of the wallets that lost money had small amounts of the token. Cryptocurrency wallets are accounts that store the keys needed to access and use cryptocurrency assets.

Chainalysis found that while about 2 million wallets purchased the token, 58 wallets made more than $10 million each, for a total of about $1.1 billion in profit , CNBC writes.

The $TRUMP token, which skyrocketed in popularity after being linked to the start of Trump’s second term , has seen wild price swings and wildly uneven returns for investors. Fight Fight Fight LLC. and CIC Digital LLC. control the majority of the token’s supply.

Interest in the coin increased by more than 50 percent after the project’s website promised the largest holders a seat at a gala dinner with the president.

The $TRUMP event, scheduled for May 22 at the presidential Trump National Golf Club in Washington, D.C. , includes a reception for the 25 wallet holders with the largest coin balances, as well as a tour of the White House, CNBC recalls.

The Trump-branded meme token has attracted the attention of regulators and ethics watchdogs.

Lawmakers are now formally investigating whether the $TRUMP coin — and a related crypto venture called World Liberty Financial , which sends 75% of its revenue to the Trump family — pose a direct conflict of interest for the president , CNBC reported.

At the heart of the controversy is a dinner contest for holders of the largest tokens, promotional posts by the president himself and ties to foreign investors, including an Emirati sovereign wealth fund and cryptocurrency tycoon Justin Sun.