TRON founder Justin Sun appears to have recently purchased $75 million worth of TRUMP meme coin, sending shockwaves across the broader industry. According to crypto market expert Unusual Whales on X, the massive purchase occurred, causing a ripple effect surrounding Sun’s civil fraud lawsuit with the SEC. Simultaneously, with another whale transaction occurring amid a 20% price crash in the meme coin, market watchers are extensively monitoring the token.
Is Crypto Mogul Justin Sun Really Buying TRUMP?
According to ‘Unusual Whales’ post on March 4, the TRON founder bought $75 million of the TRUMP coin. Soon after this accumulation, Justin Sun’s civil fraud lawsuit against the US SEC was halted, per the X post.
However, CoinGape found via a CNN report that the $75 million investment was used to buy Trump family-backed World Liberty tokens. Overall, the bigger picture, wherein regulatory hurdles for the crypto mogul eased amid investments in U.S. president-backed products has birthed market conjectures globally.
Massive Whale Transaction Sparks Market Concerns
Simultaneously, a crypto whale was recorded offloading a whopping $61 million worth of TRUMP meme coin, adding to speculations amid Justin Sun’s saga. Whale Alert data on X revealed that the unknown address BdnDGU shifted 5 million tokens to Binance amid an ongoing market slump.
Notably, the crypto market faces immense heat due to massive liquidations totaling over $1 billion. Bitcoin lost nearly 10%, with altcoins also losing alarming values over the day.
The U.S. President-themed meme coin also saw a slumping action in line with the broader trend. This waning action may have urged the whale to panic sell, mitigating losses.
TRUMP Crypto Price Action
As of press time, TRUMP price witnessed a 20% crash and exchanged hands at $12.26. The PolitiFi & leading meme coin bottomed and peaked at $11.83 and $15.67 in the past 24 hours. As mentioned above, this waning movement mirrors the current broader market trend.
However, renowned crypto investor ‘The Wolf Of All Streets’ took to X, sparking optimism in light of ‘Unusual Whales’ Justin Sun’s token purchase saga. “I guess the $TRUMP token does have real utility,” the trader stated, reverberating mixed investor sentiments about the asset amid broader developments.
The post Why Justin Sun Buys $75M of TRUMP Meme Coin? appeared first on CoinGape.
