The vast majority of the top holders of Trump’s memecoin appear to be based overseas, including the top investor — a Chinese-born crypto mogul who, until recently, was facing civil fraud charges in the United States.

In 2023, the US Securities and Exchange Commission (SEC) filed a case against Sun, accusing him of selling unregistered securities through his companies—the Tron Foundation, BitTorrent Foundation, and Rainberry Inc.—and of hiring celebrities to promote his tokens without disclosures.

Moo Deng, which is based on a baby pygmy hippo, has risen to a $230 million market cap this month after the meme went viral online in 2024. The token skyrocketed over 836% in May and jumped another 21% over the past 24 hours.

More companies are announcing plans to buy cryptocurrencies to help lift their share prices.

Memecoins have been a part of the cryptoasset ecosystem virtually ever since the asset class achieved mass market awareness and appeal during 2017-2018. While most memecoin projects have been revealed,

As President Donald Trump headed over to his Virginia golf course for a gala with the 250 top buyers of his $TRUMP “memecoin,” Democrats are trying to find ways to push back on the president’s incursions in the cryptocurrency market.

These were once the dominant players in the penny stock-like corner of the cryptocurrency markets that plays home to memecoins — a risky type of digital asset that, unlike its big brother counterparts bitcoin and ether, has no inherent value. And then came President Donald Trump ’s $TRUMP.