Tron's Justin Sun says he's buying another $100 million of Trump's memecoin

Crypto billionaire Justin Sun is buying different $100 cardinal worthy of $TRUMP, doubling his full known involvement of integer coins tied to President Donald Trump.

Sun, who founded the TRON blockchain and is working to resoluteness a civilian fraud lawsuit with the Securities and Exchange Commission, announced the acquisition of the $TRUMP token successful an X station connected Wednesday. Sun said the Trump-linked integer coins volition soon beryllium tradeable connected the TRON network.

"$TRUMP connected TRON is the currency of #MAGA," Sun wrote.

It's a splashy endorsement astatine a infinitesimal of reckoning for governmental meme tokens.

The $TRUMP token, 80% of which is controlled by the Trump Organization and affiliated entities, has go 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 elder enforcement subdivision unit from issuing oregon endorsing integer assets.

The $TRUMP coin has whipsawed since its January launch, peaking astatine a $15 cardinal marketplace headdress connected its archetypal time of trading before sliding sharply to astir $2 cardinal arsenic of July. The complementary $MELANIA token, meanwhile, has plunged much than 90% from its offering terms successful January to little than $141 million.

But that benignant of terms volatility has been bully for business.

The $TRUMP token's codification automatically routes a interest from each transaction to wallets tied to its creators. Between January and April alone, those wallets pulled successful more than $324 cardinal successful trading revenue, according to Chainalysis. The blockchain analytics steadfast has since ceased tracking this metric, citing different commitments to clients.