On May 22, Trump will host a dinner for the top 220 holders of the $TRUMP token, and the top 25 holders will also receive a 'VIP White House tour' and special reception.
Sun Yuchen will attend the dinner of U.S. President Trump as the largest holder of the TRUMP token.
To secure this position, Sun Yuchen spent tens of millions of dollars and is currently in the U.S., having just visited Musk's company.
In fact, this is not the first time Brother Sun has footed the bill for Trump.
At the end of last year, he invested a total of $75 million in the cryptocurrency project World Liberty Financial operated by the Trump family, thus becoming an advisor to the project. According to media reports, based on World Liberty Financial's financial structure, 75% of the proceeds from token sales will be paid as fees to the Trump family, meaning the Trump family indirectly receives up to $56 million from Sun Yuchen.
Brother Sun is trying hard to get close to the U.S. government and Trump, mainly for two reasons:
1. To resolve the investigations by the FBI and SEC through political donations, as both agencies investigated Sun Yuchen during Biden's administration, and previously Brother Sun dared not go to the U.S.
2. To gain high-end connections while also gaining popularity in the crypto space to promote his projects.
Gaining high-end connections in the U.S. is to prepare for a return to the U.S. in the future and to clear obstacles for his own projects and exchanges.
Gaining the popularity of retail investors in the crypto space is aimed at speculating on coins.
For example, in December last year, Brother Sun spent $5.2 million on a banana, including commissions, he will pay a total of $6.24 million (approximately 45.173 million RMB).
It is said that this banana was temporarily bought by public personnel from a vendor outside before the auction.
Before this banana auction incident, the BAN token launched by the founder of Sotheby's surged significantly due to event hype. After Brother Sun bought the banana, the coin price fell sharply, and some investors joked that retail investors' money was also eaten by Sun Yuchen.
Brother Sun eats a banana and smiles, the life and death of retail investors are even harder to predict. Trump and Sun Yuchen together, retail investors in the crypto space will have something to gain.
Tomorrow, Trump's dinner will be held, and Bitcoin has just broken through $10,800.
So what kind of impact will this dinner have on the cryptocurrency market, and how will the short-term market specifically move?
I think there will be significant volatility, breaking through $110,000 or dropping back to $102,000.
Previously, Trump had two activities related to cryptocurrency, one was the Trump dinner on May 6, and the other was the Bitcoin National Strategic Reserve signed on March 6.
On March 6, both before and after the signing of the Bitcoin strategic reserve, there was a significant drop.
On May 6, before the dinner, Bitcoin fell from $97,000 to $93,000, and the evening coincided with a monetary policy meeting, Bitcoin started to rebound that day, initiating a bull market.
Before this, after Trump took office, he had released some news, initially causing the market to surge instantly. Subsequently, it began to decline, later Bitcoin dropped to $74,000, and every time Trump released news, the market would rise.
It seems that Trump's related cryptocurrency meetings, dinners, and important speeches will have different effects at different stages.
That is, when the market is high, Trump's favorable news is unreliable and is a 'good news sell', but when the market is lower, one can trust 'Trump's favorable news'.
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