Justin Sun pledges to buy $100m worth of Trump’s memecoin days before $474m token unlock

Justin Sun is buying more Trump tokens.

The Tron founder announced his intention to buy up $100 million of US President Donald Trump’s memecoin in a Wednesday evening X post. It follows a July 7 announcement from the GetTrumpMemes account stating that the memecoin will soon be tradable on the Tron blockchain.

“This move highlights our belief in collaborating across ecosystems to grow the crypto landscape with communities such as GetTrumpMemes,” Sun said on X.

It’s not clear whether Sun will use his own money for the purchase of the tokens, or if the Tron DAO, the crypto cooperative that oversees the Tron blockchain, will pony up the funds.

Tron and the Trumps

The pledge comes just 10 days ahead of a $474 million unlock of vested Trump memecoins. Once the tokens are unlocked, the recipients — primarily Trump himself — will be able to sell them.

The announcement follows several dealings between the Tron founder and the Trump family’s crypto ventures.

In November, Sun bought $30 million worth of WLFI, the token tied to World Liberty Financial, a decentralised finance app backed by the Trump family. In January, he upped his stake by buying another $45 million worth.

In May, Trump announced plans to host a private dinner for the top holders of his memecoin. Sun bought up almost $20 million worth to secure his spot as the top holder and attend the dinner.

The president’s political rivals, including Senator Jeff Merkley, a Democrat from Oregon, blasted the event as the “crypto corruption club.”

In February, the Securities and Exchange Commission paused its case against Sun, which accused him of fraud and market manipulation.

Sun has denied the allegations.

Trump’s memecoin

Trump launched his memecoin on January 17, just three days before he was inaugurated as president.

Upon its launch, only 20% of the memecoin’s total supply was released into circulation. The remaining 80% was vested — crypto slang for locked up — and scheduled to be released at intervals over three years.

July 19 marks the date the next tranche of the Trump memecoin, worth $474 million, is set for release.

Two companies, CIC Digital and Fight Fight Fight, own the remaining 80% of tokens, which have a paper value of around $7.3 billion.

Trump holds a stake in both companies. He wholly owns CIC Digital, according to his 2024 financial disclosure. CIC Digital jointly owns Fight Fight Fight with another firm called Celebration Cards LLC.

After a brief surge in April, the Trump memecoin has steadily bled in value. It’s down over 87% from its January all-time high and trades at $9.19.

Tim Craig is DL News’ Edinburgh-based DeFi Correspondent. Reach out with tips at tim@dlnews.com.