Months after peaking at $74 per token, TRUMP has slipped to $8.59 and expanded to a new network in a bold turnaround. Its leap to Tron adds complexity to a project that is already divisive, where memes, money, and power awkwardly intertwine.
On July 7, the team behind Trump Memecoin announced that they would launch a memecoin on the Tron blockchain, marking the latest turning point in this token's tumultuous journey.
Initially launched in January as a Solana-based memecoin linked to Donald Trump's political brand, TRUMP is now part of a network supported by Justin Sun, a controversial crypto mogul with his own legal troubles, holding $75 million in equity in crypto projects associated with Trump.
This move comes as the token’s price fluctuates at $8.59, significantly lower than its all-time high. However, the $1.7 billion market capitalization indicates that the project still attracts substantial capital and attention.
TRUMP's expansion to Tron could be seen as a calculated alignment with global capital flows and deepening the token's influence abroad. The Tron network, known for high-throughput transactions and low fees, offers practical advantages for a memecoin that has seen trading volumes soar into the billions.
But underlying this, the move carries a geopolitical implication. Tron was founded and is controlled by Justin Sun, a Chinese crypto mogul facing unresolved civil fraud allegations in the U.S., who has publicly committed $75 million to Trump's World Liberty Financial venture. His relationship with both TRUMP and WLF is not merely coincidental but also financial and strategic.
Multiple wallet analyses suggest that Sun is likely the largest holder of TRUMP tokens, with holdings amounting to over $18 million, including $4.5 million bought after the high-stakes 'dinner contest' for this token was announced.
Blockchain analytics firm Inca Digital discovered that 19 of the top 25 TRUMP holders are likely operating outside the United States, with strong activity on Binance, a platform that restricts U.S. users. The rumors about Justin Sun's $18 million fund only further emphasize concerns that the token's valuation relies on opaque capital, politically adjacent.
Internal Control and Unanswered Questions
The elephant in the room is still CIC Digital, an entity linked to Trump that holds 80% of the total supply of TRUMP. While the tokens are gradually locked according to the release schedule, their absolute concentration challenges the purists of decentralization.
Critics argue that this structure reflects traditional pump-and-dump schemes, despite its seemingly legitimate appearance. Even the White House's insistence that Trump's cryptocurrency holdings are held in a trust managed by his children hasn't quelled skepticism, especially as the price of this token fluctuates in tandem with political announcements.