Tron founder Justin Sun, known for his bold promises, announced he will buy more Trump memecoins.
The Official Trump (TRUMP) memecoin has recently been trading near yearly lows. Still, the token hasn’t lacked high-profile backers. On Wednesday, July 9, Tron founder Justin Sun claimed he would purchase $100 million worth of U.S. President Donald Trump’s memecoin through his various 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 biggest holder of the Trump memecoin, a status he achieved ahead of Trump’s VIP dinner with the top holders. At that time, Sun owned 1.4 million Trump tokens, which were worth about $19 million. Currently, these holdings would be worth $12.6.
Sun’s ties to Trump deepen
Other than its Trump memecoin investments, Sun also has deep ties to other Trump crypto ventures, especially World Liberty Financial. So far, Sun has invested $75 million in WLFI, a move that won him an advisor role at the company.
Subsequently, WLFI made TRON one of its reserve assets, and its TRON holdings amounted to $9.63 million in January. What is more, on July 7, Official Trump memecoin announced that it would launch its token on the Tron blockchain, giving it more exposure.
However, the partnership has yet to lift the token’s price performance. TRUMP is currently trading below $9, down nearly 90% from its all-time high of $75.35 in January. The current price also sits near the lowest level since its post-ATH collapse.
Sun’s connections to Trump’s businesses have also raised eyebrows. Notably, his $75 million investment in WLFI coincided with the U.S. Securities and Exchange Commission’s decision to pause its investigation into his other ventures.
