TRON Cryptocurrency Grows by 9% Due to Eric Trump’s Influence

The price of the TRON token TRX $0.27 TRON -2.83% Market capitalization $26.03 billion VOL. 24 hours $0.2 billion increased by 9%, from about $ 0.27 to $ 0.30, after reports of the project’s possible entry into the US stock exchange through a merger with SRM Entertainment, which is listed on the Nasdaq. After a short correction, the asset stabilized around $ 0.28. The market reacted instantly, and SRM shares jumped by more than 500%, although they later began to correct.

According to the Financial Times, the company affiliated with Justin Sun plans to go public through a reverse merger. It is about the formation of a crypto treasury in TRX, for which an investment of $ 210 million is envisaged. The deal is organized by Dominari Securities, an investment bank associated with Donald Trump’s sons. In response to speculation about Eric Trump’s involvement in the new company, he said he had no official role, although he called Sun his friend.

Despite the rumors, SRM Entertainment has not officially confirmed the merger, but announced that the company’s name has been changed to Tron and that it has entered into a $ 100 million deal with a private investor. Sun has also become a strategic advisor to SRM, and Dominari will act as the exclusive placement agent.

It is worth noting that Justin Sun and his companies have previously had conflicts with the SEC. The regulator accused them of illegal placement of securities and manipulation of the secondary market. However, after Trump was elected president, the investigation against a number of crypto companies, including TRON, was suspended.

Currently, the SEC is considering an application to launch a TRX-based spot ETF with a staking function. The market is closely monitoring the situation, as the successful implementation of the plans could significantly change TRON’s position in the industry.