Justin Solar, founding father of blockchain platform Tron, poses for {a photograph} in Hong Kong, Might 8, 2020.
Calvin Sit | Bloomberg | Getty Photos
Crypto billionaire Justin Solar is shopping for one other $100 million value of $TRUMP, doubling his complete recognized stake of digital cash tied to President Donald Trump.
Solar, who based the TRON blockchain and is working to resolve a civil fraud case with the Securities and Change Fee, introduced the acquisition of the $TRUMP token in an X submit on Wednesday. Solar mentioned the Trump-linked digital cash will quickly be tradeable on the TRON community.
“$TRUMP on TRON is the foreign money of #MAGA,” Solar wrote.
It is a splashy endorsement at a second of reckoning for political meme tokens.
The $TRUMP token, 80% of which is managed by the Trump Group and affiliated entities, has change into the centerpiece of the household’s increasing crypto empire. The “Finish Crypto Corruption Act,” launched by Senate Democrats earlier this yr, is meant to ban elected officers and senior government department personnel from issuing or endorsing digital belongings.
The $TRUMP coin has whipsawed since its January launch, peaking at a $15 billion market cap on its first day of buying and selling earlier than sliding sharply to about $2 billion as of July. The complementary $MELANIA token, in the meantime, has plunged greater than 90% from its providing value in January to lower than $141 million.
However that type of value volatility has been good for enterprise.
The $TRUMP token’s code mechanically routes a charge from each transaction to wallets tied to its creators. Between January and April alone, these wallets pulled in additional than $324 million in buying and selling income, in accordance with Chainalysis. The blockchain analytics agency has since ceased monitoring this metric, citing different commitments to shoppers.
