A small group of crypto insiders and other early investors in Trump’s meme coin made millions of dollars and inflated the price of the cryptocurrency. But many average investors who came late to the game have lost money.

After the real Trump coin was launched, the first so-called copycat coin was minted within 30 minutes, underscoring how rapidly creators sought to benefit from Trump’s interest in crypto. Memecoin creators are taking advantage of a function in Solana — the blockchain that underpins Trump’s memecoins — that allows users to dump new coins into another wallet without needing permission.