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,

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.