Tron's Justin Sun says he's buying another $100 million of Trump's memecoin
Sun, who founded the TRON blockchain and is working to resolve a civil fraud case with the Securities and Exchange Commission, announced the purchase of the $TRUMP token in an X post on Wednesday. Sun said the Trump-linked digital coins will soon be tradeable on the TRON network.
"$TRUMP on TRON is the currency of #MAGA," Sun wrote.
It's a splashy endorsement at a moment of reckoning for political meme tokens.
The $TRUMP token, 80% of which is controlled by the Trump Organization and affiliated entities, has become the centerpiece of the family's expanding crypto empire. The "End Crypto Corruption Act," introduced by Senate Democrats earlier this year, is intended to prohibit elected officials and senior executive branch personnel from issuing or endorsing digital assets.
The $TRUMP coin has whipsawed since its January launch, peaking at a $15 billion market cap on its first day of trading before sliding sharply to about $2 billion as of July. The complementary $MELANIA token, meanwhile, has plunged more than 90% from its offering price in January to less than $141 million.
But that kind of price volatility has been good for business.
The $TRUMP token's code automatically routes a fee from every transaction to wallets tied to its creators. Between January and April alone, those wallets pulled in more than $324 million in trading revenue, according to Chainalysis. The blockchain analytics firm has since ceased tracking this metric, citing other commitments to clients.
Sun has rapidly emerged as one of the Trump crypto ecosystem's biggest whales.
In January, Sun boosted his holdings of World Liberty Financial's WLFI token — where 75% of profits flow to the Trump family — to $75 million. A court filing in February revealed that Sun and the SEC were in talks to resolve the agency's civil fraud case against him.
Sun soon added the $TRUMP token to his portfolio, winning a contest for top holders and further cementing his influence in the MAGA-crypto universe.
Now, Sun's entering U.S. public markets through a reverse merger with SRM Entertainment — a toy supplier backed by Trump-linked investment bank Dominari Securities.
Dominari is a boutique investment bank whose parent company has recently drawn attention for its ties to the Trump family. Donald Trump Jr. and Eric Trump joined Dominari Holdings' advisory board earlier this year, shortly before the firm's share price surged.
Sun's latest bet highlights just how deeply Trump-aligned tokens have embedded themselves in the speculative center of the crypto market — and how aggressively high-profile players like Sun are capitalizing on the moment.
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Los Angeles Times
12 minutes ago
- Los Angeles Times
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The Hill
12 minutes ago
- The Hill
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Boston Globe
12 minutes ago
- Boston Globe
West Virginia sends hundreds of National Guard members to Washington at Trump team's request
Advertisement A protest against Trump's intervention drew scores to Dupont Circle on Saturday afternoon before a march to the White House, about 1.5 miles away. Demonstrators assembled behind a banner that said 'No fascist takeover of D.C.,' and some in the crowd held signs that said 'No military occupation.' Trump was at his Virginia golf club after Friday's summit with Russian President Vladimir Putin in Alaska. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up Gov. Patrick Morrisey, announced Saturday that he was sending a contingent of 300 to 400 members. 'West Virginia is proud to stand with President Trump in his effort to restore pride and beauty to our nation's capital,' Morrisey said. West Virginia Gov. Patrick Morrisey spoke at the state capitol in Charleston, in January. Chris Jackson/Associated Press Morgan Taylor, one of the organizers who coordinated Saturday's protest, said they were hoping to spark enough backlash to Trump's actions that the administration would be forced to pull back on its crime and immigration agenda. Advertisement 'It's hot, but I'm glad to be here. It's good to see all these people out here,' she said. 'I can't believe that this is happening in this country at this time.' Fueling the protests were concerns about Trump overreach and that he had used crime as a pretext to impose his will on Washington. John Finnigan, 55. was taking an afternoon bike ride when he ran into the protest in downtown Washington. The real estate construction manager who has lived in the capital for 27 years said that Trump's moves were 'ridiculous' because 'crime is at a 30-year-low here.' 'Hopefully some of the mayors and some of the residents will get out in front of it and try and make it harder for it to happen in other cities,' Finnigan said. Jamie Dickstein, a 24-year-old teacher, said she was 'very uncomfortable and worried' for the safety or her students given the 'unmarked officers of all types' now roaming Washington and detaining people. Dickstein said she turned out to the protest with friends and relatives to 'prevent a continuous domino effect going forward with other cities.' Activists carried signs during a protest against President Trump's federal takeover of policing of the District of Columbia, on Saturday. Alex Brandon/Associated Press The West Virginia activation suggests the administration sees the need for additional manpower, after the president personally played down the need for Washington to hire more police officers. Maj. Gen. James Seward, West Virginia's adjutant general, said in a statement that members of the state's National Guard 'stand ready to support our partners in the National Capital Region' and that the Guard's 'unique capabilities and preparedness make it an invaluable partner in this important undertaking.' Advertisement Federal agents have appeared in some of the city's most highly trafficked neighborhoods, garnering a mix of praise, pushback and alarm from local residents and leaders across the country. City leaders, who are obliged to cooperate with the president's order under the federal laws that direct the district's local governance, have sought to work with the administration, though they have bristled at the scope of the president's takeover. On Friday, the administration District officials say they are evaluating how to best comply. District of Columbia National Guard soldiers posed for photos with people outside Union Station, on Saturday. Julia Demaree Nikhinson/Associated Press In his order on Monday, Trump declared an emergency due to the 'city government's failure to maintain public order.' He said that impeded the 'federal government's ability to operate efficiently to address the nation's broader interests without fear of our workers being subjected to rampant violence.' In a letter to city residents, Mayor Muriel Bowser, a Democrat, wrote that 'our limited self-government has never faced the type of test we are facing right now.' She added that if Washingtonians stick together, 'we will show the entire nation what it looks like to fight for American democracy — even when we don't have full access to it.' Associated Press writer Josh Boak contributed to this report.
