Crypto billionaire Justin Sun says he’s the biggest owner of Trump’s meme coin, will attend dinner with president
Entrepreneur Justin Sun, the largest holder of President Trump’s cryptocurrency token, announced his attendance at a controversial dinner hosted by Mr. Trump for the meme coin’s top backers. Sun, who owns about 1.4 million $TRUMP tokens worth $19 million, expressed his excitement to connect with fellow holders and discuss the future of the crypto industry at the event.
The $TRUMP meme coin, launched in January before Mr. Trump’s inauguration, has garnered attention for its erratic price shifts driven by online buzz. The coin’s value surged after the announcement of the dinner, with buyers spending over $140 million to secure an invitation. Mr. Trump’s association with the coin and his involvement in the crypto sector through ventures like World Liberty Financial have sparked concerns about potential conflicts of interest.
Controversy Surrounding $TRUMP Meme Coin
The $TRUMP coin is controlled by an affiliate of the Trump organization and Fight Fight Fight LLC, with 80% of its total supply in their hands. Meme coins like $TRUMP derive their value from social media hype rather than intrinsic worth, leading to significant price fluctuations. Despite criticisms and regulatory scrutiny, the coin remains popular among investors seeking to capitalize on its volatility.
Political Backlash and Regulatory Concerns
The Senate’s advancement of the GENIUS Act, aimed at regulating stablecoins, has faced opposition from Democrats citing potential conflicts of interest related to Mr. Trump’s crypto holdings. Senator Elizabeth Warren raised alarms about Justin Sun’s private dinner with the President, highlighting the need for anti-corruption measures in the crypto industry. The White House has defended Mr. Trump’s support for crypto, emphasizing his focus on benefiting the American public.
Justin Sun’s Background and Legal Issues
Justin Sun, with a net worth of $8.5 billion, gained fame through his Tron blockchain and high-profile purchases like a $6.2 million banana artwork. His involvement in the Trump family’s crypto venture and legal battles with the SEC over alleged market manipulation have drawn scrutiny. Despite facing regulatory challenges, Sun’s collaboration with World Liberty Financial and his role as a top $TRUMP holder reflect his continued influence in the crypto space.
