Justin Sun—SEC Target and Top TRUMP Token Whale—Scoops Private Dinner with Donald Trump
Crypto’s most controversial power player just leveled up his political clout. Justin Sun, the Tron founder currently in the SEC’s crosshairs, now holds the largest bag of the TRUMP meme token—and a seat at Trump’s private dinner table.
Timing is everything: Sun’s move comes as the TRUMP token pumps 300% on pure speculation. Meanwhile, regulators are too busy drafting their 15th warning about unregistered securities to notice the real market-moving events.
Final thought: In crypto, the line between ’political endorsement’ and ’well-timed trade’ is as thin as the paper those SEC subpoenas are printed on.
Foreign investors dominate TRUMP holders’ leaderboard
While SUN has confirmed himself as one of the attendees of the TRUMP memecoin exclusive dinner, the identity of most of those on the list remains unknown, as they signed up using their wallet addresses and three or four-letter user names.
However, reports from CNBC and Bloomberg have claimed that most of the top holders are foreign crypto investors. According to CNBC, citing data from data analytics firm Inca Digital, most of the top 275 TRUMP holders bought the token through offshore exchanges such as Binance, Bybit, and OKX.
Most of these exchanges do not service US residents, with OKX only becoming available in the US by mid-April 2025. Thus, this suggests that most of the holders are foreign investors. At least one of those known foreign investors is MemeCore, the Singapore-based crypto network with over 1.2 million TRUMP tokens and second on the leaderboard.
An older report from Bloomberg shows that 19 out of the top 25 holders as of May 7 bought the memecoin using international exchanges. Sun is among the 25 considered VIPs and is scheduled for an exclusive reception before the main event.
Interestingly, a broader analysis of the investors that make the leaderboard shows that around 56% of the top 220 at the time are also foreign investors who bought the token via international exchanges.
With foreign investors accounting for a sizable number of invitees at the exclusive dinner, critics have echoed previous concerns that Trump family crypto ties constitute a conflict of interest, as foreign interests could use these means to engage the President unofficially while he enriches himself.
TRUMP is up 6% despite the announcement of dinner invites
Meanwhile, TRUMP memecoin has gained almost 6% in the last 24 hours, beating expectations that it would crash once the eligibility period for the dinner invite ends. With its performance today, the token is trading at $13.25, up 64% in the past 30 days.
However, its recent performance might be due to the broader market gains led by Bitcoin, and it could lead into selling pressure now that there is no incentive attached to holding the token.
Some holders, especially those who are not in the top 220, are more likely to sell. One such holder is Nasdaq-listed logistics company Freight Technologies, which spent $2 million buying TRUMP tokens using convertible notes.
Its CEO, Javier Selgas, stated it was a strategic purchase that would allow the company to “champion fair and free trade across the US-Mexico border.” However, it failed to make the top 220, finishing at the 275th spot.
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