Tron founder Justin Sun, identified for his daring guarantees, introduced he’ll purchase extra Trump memecoins.
The Official Trump (TRUMP) memecoin has just lately been buying and selling close to yearly lows. Nonetheless, the token hasn’t lacked high-profile backers. On Wednesday, July 9, Tron founder Justin Sun claimed he would buy $100 million value of U.S. President Donald Trump’s memecoin via his numerous ventures.
“We are committed to buying $100M of TRUMP! Together, TRUMP and TRON are the future of Crypto,” Sun wrote to his social media followers.
Justin Sun is reportedly the largest holder of the Trump memecoin, a standing he achieved forward of Trump’s VIP dinner with the highest holders. At the moment, Sun owned 1.4 million Trump tokens, which have been value about $19 million. At present, these holdings can be value $12.6.
Sun’s ties to Trump deepen
Apart from its Trump memecoin investments, Sun additionally has deep ties to different Trump crypto ventures, particularly World Liberty Monetary. Up to now, Sun has invested $75 million in WLFI, a transfer that received him an advisor function on the firm.
Subsequently, WLFI made TRON one in all its reserve belongings, and its TRON holdings amounted to $9.63 million in January. What’s extra, on July 7, Official Trump memecoin introduced that it could launch its token on the Tron blockchain, giving it extra publicity.
Nonetheless, the partnership has but to elevate the token’s value efficiency. TRUMP is at present buying and selling under $9, down almost 90% from its all-time excessive of $75.35 in January. The present value additionally sits close to the bottom degree since its post-ATH collapse.
Sun’s connections to Trump’s companies have additionally raised eyebrows. Notably, his $75 million funding in WLFI coincided with the U.S. Securities and Trade Fee’s choice to pause its investigation into his different ventures.
