Chinese cryptocurrency entrepreneur Justin Sun says he’s the top owner of the $TRUMP meme coin that was launched by U.S. President Donald Trump.
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As the top holder of the $TRUMP digital token, Sun has won an invitation to dinner with the American president. The dinner is a reward for investors willing to spend millions of dollars buying the Trump cryptocurrency. Sun, and 220 other top holders of $TRUMP, are invited to a gala dinner with the president at his Virginia golf club outside Washington, D.C. on May 22.
Sun announced on social media that he holds the top spot when it comes to ownership of the $TRUMP token, which earned him an invitation to a dinner with the president, as well as a VIP reception for the top 25 holders. Sun holds $18.6 million worth of the Trump-themed meme token.
Supporting the Trump Brand
Sun has also put $75 million into World Liberty Financial, a separate cryptocurrency venture that routes 75% of its revenue to Trump-owned entities. All told, Sun’s stake in the Trump family’s crypto ventures is approaching $100 million.
Born in China, Sun is the entrepreneur behind the Tron blockchain. The crypto mogul has been charged with civil fraud by the U.S. Securities and Exchange Commission (SEC), something he says he’s in the process of resolving.
The $TRUMP coin, 80% of which is controlled by the Trump Organization, has a circulating supply at $2.65 billion, making it the 39th most valuable cryptocurrency. Bitcoin (BTC) remains the most valuable crypto with a market capitalization of $2.1 trillion. Like other meme coins, there’s no underlying product associated with $TRUMP.
Is BTC a Buy?
Most Wall Street firms don’t offer ratings or price targets on $TRUMP, so we’ll look instead at the three-month performance of Bitcoin. As one can see in the chart below, the price of BTC has risen 9.27% in the last 12 weeks.
