Justin Sun Unveils $100M Investment in Official Trump Memecoin
Justin Sun, the founder of Tron known for his bold statements, has unveiled his plans to acquire more Trump memecoins.
The Official Trump (TRUMP) memecoin is currently trading near its yearly lows. Nevertheless, it has garnered some significant endorsements. On July 9, Justin Sun declared his intention to purchase $100 million worth of U.S. President Donald Trump’s memecoin through his various initiatives.
“We are dedicated to acquiring $100M of TRUMP! Together, TRUMP and TRON are the future of Crypto,” Sun expressed to his followers on social media.
Justin Sun is said to hold the largest stake in the Trump memecoin, a position he secured before Trump’s VIP dinner with top investors. At that time, he owned 1.4 million Trump tokens valued at around $19 million, but these holdings are currently estimated at $12.6 million.
Sun’s Relationship with Trump Grows
In addition to his investments in the Trump memecoin, Sun is also closely associated with other Trump-related crypto initiatives, particularly World Liberty Financial. To date, he has invested $75 million in WLFI, earning him an advisory position within the company.
Subsequently, WLFI acknowledged TRON as one of its reserve assets, with TRON holdings valued at $9.63 million in January. Furthermore, on July 7, the Official Trump memecoin announced its plan to launch its token on the Tron blockchain, thereby enhancing its exposure.
However, this partnership has not yet resulted in an increase in the token’s price. Currently, TRUMP is trading below $9, which is nearly 90% less than its all-time high of $75.35 reached in January. This price is approaching its lowest level since the significant decline following its all-time high.
Sun’s connections to Trump’s enterprises have stirred curiosity. Notably, his $75 million investment in WLFI correlates with the U.S. Securities and Exchange Commission’s decision to halt its investigation into his other businesses.