Justin Sun, the billionaire who bought the infamous Cattelan banana art last year, has invested $100 million in Trump’s cryptocurrency.
Last week, Justin Sun tweeted on X: “This move highlights our belief in collaborating across ecosystems to grow the crypto landscape with communities such as @GetTrumpMemes […] $TRUMP on #TRON is the currency of #MAGA!” The post comes days before $TRUMP, the memecoin launched by US President Donald Trump, would start trading on TRON, the blockchain owned by Sun.
$TRUMP was launched by Donald Trump just days before he took the oath as the US president in January of this year. While technically a cryptocurrency, it was called a “memecoin” because it held no intrinsic value or purpose; its value was driven purely by market trends. After reaching a high market cap of $9 billion on Trump’s inauguration, the coin continued to drop in value and currently holds a market cap of only $1.85 billion.
This is not the first time Sun, who founded TRON in 2007, and Trump have interacted financially. In April, it was reported that Justin Sun had invested $75 million in $WLFI, the cryptocurrency of the World Liberty Financial, the latter being majorly owned by the Trump family. This is also not the first time that Donald Trump has used his office for his personal financial gain since taking the oath. On May 22nd, a select group of major buyers of $TRUMP were given a private tour of the White House and dinner with Trump.
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Justin Sun first came into the news last December when he bought the Comedian – the banana duct-taped to the wall – by Maurizio Cattelan for $6.2 million. The infamous work has been continuously in the news since it first debuted at Art Basel. After buying it, Sun ate the banana in front of the media.
