The organization supporting the memecoin officially linked to former US President Donald Trump is reportedly seeking investments upwards of $200 million. The goal is to establish a digital asset reserve to repurchase the token, which has seen its value drop significantly, losing roughly 90% of its peak value.
Bloomberg News sources indicate that Fight Fight Fight LLC, headed by Bill Zanker, a long-time Trump supporter and promoter, is leading this fundraising effort. The target could potentially reach $1 billion, but sources cautioned that these discussions are preliminary and may not result in a finalized agreement.
This fundraising represents a renewed push to revitalize the token’s market price. CoinMarketCap data reveals a substantial decline from a high of $75 in January to around $8 currently. The “Official Trump” (TRUMP) coin has decreased in value by over 10% in the past month.
Data from Messari suggests approximately 35% of the total TRUMP token supply is currently available for trading, resulting in a circulating market capitalization of $1.5 billion. The remaining 65%, roughly 800 million tokens, are held by entities connected to Trump and are subject to a vesting schedule, limiting their immediate sale.
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Controversy Surrounds Trump Memecoin Dinner
Last May, Trump hosted a private dinner for key holders of his affiliated memecoin. Around 220 attendees, including Tron’s founder, Justin Sun, enjoyed a meal under “Fight Fight Fight” banners. The event was met with protests outside, where over 100 individuals voiced their disapproval, labeling it as political profiteering with signs accusing Trump of “crypto corruption.”
Following the dinner, 35 members of the House of Representatives requested that the acting chief of the public integrity section, Edward Sullivan, initiate an investigation into the memecoin dinner. The Representatives seek to determine if the event violated federal bribery laws or the Emoluments Clause of the US Constitution.
Reports also indicated that Trump is facing increased scrutiny for speaking at the dinner in front of a lectern displaying the official presidential seal, an act potentially in violation of federal regulations.
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ALT5 Sigma Advances World Liberty Financial Treasury
While the Fight Fight Fight token treasury is still in the planning stages, other ventures linked to Trump have already started similar initiatives.
ALT5 Sigma Corporation revealed in August its intention to raise $1.5 billion through the sale of 200 million common shares, priced at $7.50 each. The capital will be used to develop its World Liberty Financial (WLFI) corporate treasury.
Last month, a substantial majority (99%) of WLFI holders approved a token-burning strategy designed to decrease the token supply and increase its value. The plan involves using fees generated from WLFI-managed liquidity pools to repurchase tokens, which will then be permanently removed from the supply through burning.
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