The startup behind US President Donald Trump’s official meme coin is seeking to raise at least $200 million to build a digital asset vault aimed at buying back the token, which has plunged about 90% since its peak.
Bloomberg reported on Wednesday that Fight Fight Fight LLC, led by Trump ally and longtime promoter Bill Zanker, is spearheading the effort, citing people familiar with the matter. The funding goal could reach up to $1 billion, but the deal is still in its early stages and may never materialize.
The move was the latest attempt to revive the token price, which has fallen from an all-time high of $75 in January to around $8, according to data from CoinMarketCap. President Trump (TRUMP) has fallen over 10% over the past month.
According to Messari, approximately 35% of the Trump token supply is currently unlocked and tradable, giving it a secondary market value of $1.5 billion. The remaining 65%, or approximately 800 million tokens, are held by Trump-related entities and are locked up according to a vesting schedule.
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President Trump’s meme coin dinner sparks protests
In May, President Trump attended a private dinner with top memecoin holders, where about 220 guests, including TRON founder Justin Sun, ate filet mignon and halibut under the banner of “Fight Fight Fight.” More than 100 demonstrators outside held signs accusing President Trump of “crypto corruption” and denounced the event as political profiteering.
After the event, 35 members of Congress asked Acting Secretary of Public Integrity Edward Sullivan to launch an investigation into whether Memecoin Dinner violated federal bribery laws and the Foreign Emoluments Clause of the U.S. Constitution.
As Cointelegraph reported, Trump has also come under scrutiny for speaking at an event while standing behind a podium emblazoned with the presidential seal, an action that could violate federal law.
Related: Melania Trump promotes meme coin as team faces $10 million divestment claim
ALT5 Sigma Builds World Liberty Financial Treasure
Although Fight Fight Fight’s token treasury is still in the conceptual stage, other Trump-linked ventures are already working on similar initiatives.
In August, ALT5 Sigma Corporation announced plans to raise $1.5 billion by selling 200 million shares of common stock at $7.50 per share. The funds will be used to build out World Liberty Financial’s (WLFI) corporate finance.
Last month, 99% of WLFI holders also approved a token burning strategy to reduce supply and increase the value of their tokens. Under this plan, fees generated from a WLFI-managed liquidity pool will be used to buy back tokens, which will then be permanently removed from circulation through a burn.
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