Justin Sun tops $TRUMP coin ownership with $18.6 million stake

Chinese cryptocurrency entrepreneur Justin Sun has announced that he is the top owner of the $TRUMP meme coin, which was launched by former U.S. President Donald Trump. This revelation comes as Sun has been invited to a gala dinner with the president at his Virginia golf club outside Washington, D.C. on May 22. The dinner is a reward for investors who have spent millions of dollars buying the Trump cryptocurrency. Sun, along with 220 other top holders of $TRUMP, will also receive a VIP reception for the top 25 holders.

Sun made the announcement on social media, stating that he holds the top spot in ownership of the $TRUMP token, which has earned him an invitation to the dinner with the president. Sun holds $18.6 million worth of the Trump-themed meme token. In addition to his investment in the $TRUMP coin, 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. He has been charged with civil fraud by the U.S. Securities and Exchange Commission (SEC), a charge he says he is 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.

Sun's investment in the Trump family’s crypto ventures is a significant move, given his background and the current legal challenges he faces. His involvement in the $TRUMP coin and World Liberty Financial highlights his continued interest in the cryptocurrency space, despite the regulatory scrutiny he is under. The dinner invitation and VIP reception are not only a recognition of his financial investment but also a testament to his influence in the crypto world. This event is likely to draw attention to the $TRUMP coin and potentially boost its visibility and value in the market.