Donald Trump’s crypto project is getting a pump from TRON’s founder, Justin Sun. Bloomberg reports that Justin Sun, TRON’s founder, has announced that the company has approved a $30 million investment in Trump’s World Liberty Financial crypto project.
In a Twitter/X post, Justin Sun announced that the US is fast becoming the center of Bitcoin and blockchain, and this achievement can be attributed to incoming US President Donald Trump.
The TRON founder further shared that his company is committed to making the country great again and is now a leader in innovation. With this sizeable investment, Sun is now the biggest investor in the company.
We are thrilled to invest $30 million in World Liberty Financial @worldlibertyfi as its largest investor. The U.S. is becoming the blockchain hub, and Bitcoin owes it to @realDonaldTrump! TRON is committed to making America great again and leading innovation. Let’s go! pic.twitter.com/cISTsVYP1f
— H.E. Justin Sun
(@justinsuntron) November 25, 2024
On-Chain Data Tracks Sun’s Investment
Even before Sun’s post, social media users and on-chain observers have noted the tokens’ purchases. Data suggests that these tokens were acquired using USDC on the Ethereum network. The TRON founder purchased these tokens using a crypto wallet belonging to the HTX exchange, with the proceeds moving into the HTX hot wallet.
With Sun’s purchase of 2 billion tokens, HTX and Sun became the ninth biggest crypto wallet for WLFI, excluding the other reserve wallets and unknown whale holders. Interestingly, WLF’s token distribution is skewed towards big holders or cryptocurrency whales.
Justin Sun Investment A Big Boost To WLF
Sun’s investment in Trump’s crypto projects comes at a time of slowing token sales. The token’s launch was underwhelming for some since the company realized only 10% of its goal. The company’s token sale initially aimed to generate $300 million, but this was revised to just $30 million based on a recent filing. As of November 25th, the company has only sold 3.39 billion tokens.
After the underwhelming token launch, the WLFI tokens are still available at pre-sale prices for USDT, ETH, WETH, and USDC tokens. The token’s pre-sale aims to promote mainstream adoption, but based on data on purchases, many of the buyers are crypto natives, and many have ENS addresses.
Trump’s WLFI Project Raises Some ConcernsThe Trump family’s token project blends crypto and DeFi with minimal meme-like potential. The project highlights lending and allows holders to earn passive income. Currently, the token is held by 20,396 individuals or wallets, comparable to the ownership of some popular meme coins. Although the project can still improve adoption, its launch comes at a moment when crypto natives put their money on meme coins or Bitcoin.
Also, these WLFI tokens are not directly transferable or tradeable; instead, they depend on DeFi liquidity to generate gains. Even Donald Trump’s winning campaign failed to lift the project to massive adoption. At least interested buyers and holders can count on this project since it’s vetted, compliant, and offers a transparent whitepaper.
Featured image from X/@justinsuntron, chart from TradingView
