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Official Trump (CRYPTO: TRUMP) meme coin teased its official launch on Justin Sun-founded Tron (CRYPTO: TRX) blockchain on Monday.
What Happened: The official X account of the meme coin project said on X, “TRUMP on TRON is coming. Stay tuned!”
Tron confirmed the news, stating that the integration has been made possible by LayerZero's interoperability infrastructure.
TRUMP memecoin, currently valued at over $1 billion, has been courting controversy ever since its launch days before Trump’s inauguration in January. Political opponents and even some pro-Trump crypto enthusiasts have voiced concerns about potential conflicts of interest and the possibility of shadowy buyers gaining access to Trump through the memecoin. Trump has refuted claims that he is financially benefiting from the venture.
See Also: If You Invested $1,000 In Pudgy Penguins NFTs At Mint, Here’s How Much You’d Have Today
Why It Matters: TRUMP memecoin’s launch on the Tron network is significant given the recent developments surrounding the two entities.
Sun has deepened engagement with Trump family’s cryptocurrency ventures of late. Apart from being a key investor and advisor at World Liberty Financial, the decentralized finance platform backed by the Trump family, he was invited to an exclusive dinner with the president as the largest holder of the TRUMP meme coin.
Chinese-born Sun made headlines last year after he purchased an art piece with a banana taped to a wall for $6.2 million and ate the fruit later.
Meanwhile, Tron is preparing to go public in the U.S. through a reverse merger with collectibles company SRM Entertainment (NASDAQ:SRM).
Price Action: At the time of writing, TRUMP was exchanging hands at $8.51, down 1.86% in the last 24 hours, according to data from Benzinga Pro. TRX was trading at $0.2871, down 0.42%.
Shares of SRM tumbled 3.44% in after-hours trading after closing 2.93% higher at $8.440 during Monday's regular trading session.
The stock demonstrated a very high Momentum score as of this writing. Do you want to discover the top five stocks on Wall Street with the most Momentum? Visit Benzinga Edge Stock Rankings.
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Photo Courtesy: Kirill Aleksandrovich on Shutterstock.com
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
