Crypto Mogul Justin Sun Scoops Up Another $100 Million in Trump Meme Coins
Justin Sun, the founder of the Tron blockchain, made headlines this week by announcing his purchase of an additional $100 million worth of $TRUMP, Donald Trump’s meme coin. Sun also revealed plans to have the coin traded on his own blockchain.
However, complications have arisen as Sun finds himself entangled in a civil fraud case brought against him by the Securities and Exchange Commission (SEC). The lawsuit, filed in 2023, accuses Sun and his companies of market manipulation. Despite reports in February suggesting a potential resolution to the case, no further updates have been provided since Sun’s $30 million investment in Trump’s World Liberty Financial project.
### A Controversial Figure Betting on Trump
“$TRUMP on TRON is the #MAGA currency,” Sun declared on X, adding that this move underscores his belief in ecosystem collaboration for crypto landscape growth.
The decision for Sun to invest tens of millions in the president’s cryptocurrency while facing legal troubles may seem contradictory, but in today’s climate, such actions are not entirely surprising. It remains somewhat unclear why Sun is so interested in Trump’s crypto ventures, especially considering the significant decline in the value of $TRUMP and its complementary token $MELANIA since their launch earlier this year.
Known for his extravagant spending habits, Sun made headlines last year when he splurged $6 million on a piece of art featuring a banana duct-taped to a wall, which he famously ate. His companies include Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc. (formerly BitTorrent).
