Although the information in the report has not been directly confirmed by primary sources, it is based on three anonymous insiders. Binance’s founder Changpeng Zhao (CZ) strongly denied the accusations and announced he is considering a defamation lawsuit. However, his statement did not directly refute any of the technical details mentioned in the report. 

How Deep is the Connection Between Binance and USD1? 

There is no documented concrete partnership between Binance and Trump yet. However, the report emphasizes that their link is not superficial. For example, USD1 quickly reached a $2 billion market cap, while its circulating supply remained extremely limited. This suggests that the majority of the stablecoin is controlled by specific actors. 

Analysis in Bloomberg’s article claims that a significant portion of this supply is still held by Binance, and market manipulation occurs through buying and selling activities. Moreover, the process reportedly provides steady income to the Trump family, creating a financial interest. Binance founder Changpeng “CZ” Zhao reacted to the news here: 

4. FUD. Bloomberg just wrote another hit piece (sponsored by a competitor) containing so many factual errors I don't even know where to begin.

Might have to sue them again for defamation. https://t.co/FevGMArHj8

— CZ BNB (@cz_binance) July 11, 2025

The listing of USD1 on Binance attracted more attention with other Trump-linked crypto assets also moving to the platform. Additionally, a $32.8 million transfer of Trump’s memecoins directly to Binance further strengthened this connection. 

Allegations Continue, Parties Remain Silent 

Trump’s White House representatives declined to comment on the news. Officials from World Liberty Financial described the report as an “attempt to create political agenda.” CZ’s statements mostly contained personal criticisms directed at the reporters. A Binance spokesperson reminded that CZ no longer holds an official role in the company but did not provide data that would directly disprove the allegations. 

It is worth recalling that CZ was previously convicted on money laundering charges and later applied for a presidential pardon. At that time, his denials were later confirmed to be false. Therefore, public trust remains low. 

In the end, only a court process can clarify whether the allegations are true or not. If Binance indeed wrote the code for USD1 and financially benefited the Trump family during this process, it will raise both ethical and legal controversies. 

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The post Binance and Trump USD1 Stablecoin Allegations Emerge! appeared first on Coin Engineer.

TRUMP Token’s Expansion to Tron and Its Importance 

TRUMP token launched in January on the Solana network with a 1 billion supply. Now, by migrating to Tron, the project aims to boost both trading volume and accessibility. Tron founder Justin Sun supported the announcement and reiterated his public endorsement of Trump. As one of the token’s most notable backers, Sun’s involvement is seen as crucial for wider adoption and reduced transaction costs. 

$TRUMP on #TRON is coming. Stay tuned! pic.twitter.com/S5WfV8APvU

— TrumpMeme (@GetTrumpMemes) July 7, 2025

Tron offers low transaction fees and fast transfers, which could significantly improve user experience. Moreover, with LayerZero’s cross-chain infrastructure, the token can easily be transferred across different blockchains. This increases its potential to spark renewed interest within the crypto community. 

Trump & Justin Sun Alliance: Political and Technological Impacts 

Justin Sun describes Trump’s engagement with the crypto industry as a “turning point.” The partnership between Trump and Sun became clear during a private dinner in May for TRUMP holders at Mar-a-Lago. Key figures like Magic Eden CEO Jack Lu and BitMart CEO Sheldon Xia were also present at the event. It was also revealed afterward that Sun is the largest individual holder of the TRUMP token. 

This move demonstrates that TRUMP token is evolving beyond its memecoin roots to become a political and technological instrument. Justin Sun continues his efforts to enhance Trump’s influence in the crypto sector. 

Now transitioning from Solana to Tron, the TRUMP token enters a new growth phase. This move underlines the importance of cross-chain integrations in today’s crypto landscape. 

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“For many people, wallets feel complex. There’s still friction. They just want to push a button,” Wood said. According to her, ETFs offer convenience and remain a solid choice for those new to crypto or hesitant to manage private keys.

ETFs as an On-Ramp to Wallets

While ETFs provide a user-friendly entry point, Wood emphasized that they could serve as a bridge to wallet-based investing. She described wallets as a form of “insurance policy” in a world where traditional finance can falter.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

Data from Bitbo estimates that there are currently around 200 million active Bitcoin wallets worldwide. Meanwhile, spot Bitcoin (BTC) ETFs saw $2.75 billion in inflows during the week ending May 23, coinciding with Bitcoin reaching an all-time high of $111,970.

Ethereum, Solana, and Regulatory Hurdles

Wood also touched on Ethereum (ETH) ETFs, which have underperformed due to the SEC’s ban on staking features. The commission recently delayed its decision on Bitwise’s request to add staking to its Ether ETF. Despite this, Wood sees Ethereum as a starting point for investors exploring smart contracts before branching out to projects like Solana (SOL).

Still, she acknowledged that some investors, especially older institutions, may have been discouraged by the launch of the Trump memecoin on the Solana network. The coin dropped around 50% shortly after its debut, causing skepticism.

Looking ahead, Wood revealed that her team is finalizing a Solana price target, while ARK has already increased its Bitcoin bull case projection to $2.4 million by 2030, citing growing institutional demand and Bitcoin’s role as “digital gold.”

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Private Crypto Dinner Raises Questions Over Seal Usage

The event was hosted at Trump National Golf Club in Virginia, where Trump addressed an audience of 220 prominent crypto investors. What drew particular attention was the presence of the presidential seal on the podium behind him.

U.S. law prohibits the use of the presidential seal in ways that could imply government endorsement or sponsorship. Violating this statute can result in fines or imprisonment of up to six months.

Trump reportedly arrived at the venue via military helicopter and used the occasion to thank investors and criticize the Biden administration’s approach to digital assets.

White House Responds: “A Personal Engagement”

When questioned about Trump’s role at the dinner, White House Press Secretary Karoline Leavitt clarified that the event was not affiliated with the federal government. “This is not a White House function,” she stated, emphasizing that it was a personal engagement by the president.

Use of Seal at Trump Properties Not Unprecedented

Trump has previously faced scrutiny for featuring the presidential seal at his private resorts, including on golf markers at his clubs. While the legality of such uses has been questioned in the past, this latest incident involves a financial element with potential political implications.

On May 22, 35 members of Congress sent a letter to the Department of Justice, calling for an investigation into whether the dinner may have violated bribery laws or the Foreign Emoluments Clause of the U.S. Constitution.

Concerns Over Foreign Influence in Crypto Event

Reports suggest that many of the attendees had ties to international crypto exchanges, raising red flags about possible foreign influence. U.S. election laws strictly prohibit political contributions from foreign nationals. Critics argue that using the $TRUMP token to grant access to the president could be a loophole allowing anonymous foreign funding of political influence.

Trump’s Sudden Embrace of Digital Assets

Trump’s active promotion of crypto marks a sharp contrast to his skeptical stance during his presidency. The $TRUMP memecoin, launched earlier this year, soared to $74.34 at its peak before sliding to $14.44 by May 22.

Notable guests at the event included Tron founder Justin Sun, former NBA player Lamar Odom, and crypto industry figures from Asia such as Sangrok Oh and Vincent Liu.

Justin Sun, who reportedly invested over $40 million in $TRUMP tokens, has been a key supporter of Trump’s crypto-related ventures. He is also the primary backer of World Liberty Financial, a Trump-affiliated company currently facing regulatory scrutiny.

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Trump Announces Gala for Memecoin Holders

On May 5, Trump revealed via Truth Social that he will hold an exclusive dinner for major holders of the TRUMP memecoin. The announcement sparked concern among US lawmakers, with Senator Elizabeth Warren of Massachusetts calling for government officials to address questions surrounding Trump’s memecoin and media company.

Investment for Special Access

Trump’s announcement included the offer of exclusive perks for TRUMP memecoin holders, such as access to the White House and a presidential tour. California Democratic Senator Adam Schiff stated that this initiative promises exclusive access to the presidency in exchange for substantial investments in one of Trump’s business ventures, labeling it an unethical practice.

Calls for Impeachment Due to Memecoin Initiative

In late April, Georgia Senator Jon Ossoff voiced support for impeachment, arguing that Trump’s decision to host an event for TRUMP memecoin holders amounts to abuse of presidential power. He remarked, “When the sitting President of the United States sells access to himself for direct payments, there’s no doubt it constitutes an impeachable offense.”

Even pro-crypto Wyoming Senator Cynthia Lummis raised concerns about Trump’s decision to offer a private dinner and White House tour to memecoin holders. Lummis expressed that the president’s actions were “worrying” and said it gave her pause.

Warren’s Criticism: “Crypto Deal Threatens National Security”

Elizabeth Warren also criticized the Trump family’s stablecoin, alleging that its market value surged as a result of a shady crypto deal with the United Arab Emirates. She raised concerns about foreign interference in US presidential finances, stressing that such developments pose serious national security risks. She urged the Senate not to pass crypto-friendly legislation that would enable such deals.

The UAE Crypto Deal

The deal Warren referred to involved an Abu Dhabi-based investment firm, MGX, which used USD1 to settle a $2 billion investment in Binance, the world’s largest cryptocurrency exchange. Following the deal, the market cap of Trump’s family’s stablecoin shot up from under $137 million on May 1 to nearly $2.13 billion on May 2.

During the Token2049 Dubai event, Eric Trump, the president’s son and executive vice president of the Trump Organization, discussed the financial world’s need to progress, stating, “Why do banks operate from 9 to 5 with a lunch break? It’s a joke.”

USD1 Stablecoin Faces Backlash

Trump’s USD1 stablecoin also faced criticism. Some US lawmakers alleged that Trump was trying to replace the US dollar with his new stablecoin. This sparked further debate in the cryptocurrency space.

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You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

According to blockchain data, the Melania token team sold $630,000 worth of tokens on April 26 and another $930,000 on April 28. Lookonchain flagged the sales, suggesting a dollar-cost averaging (DCA) strategy, a method where a fixed amount is sold at regular intervals to minimize volatility impact.

MELANIA Token Recovers, but Risks Persist

While MELANIA token has risen over 21% this week, it is still trading far below its all-time high of $13.7, recorded on January 20 — the date of U.S. President Donald Trump’s inauguration, per CoinMarketCap data.

Meanwhile, some large investors are betting against political-themed memecoins. A newly created whale wallet opened a 2x leveraged short position worth $1.33 million USDC against the Official Trump (TRUMP) token, indicating bearish sentiment.

Is the Memecoin Craze Fading?

Memecoins accounted for 27% of the global cryptocurrency narrative in Q1 2025, second only to AI tokens, according to a CoinGecko report. However, the underwhelming performance of the TRUMP token and a significant drop in Pump.fun activity — from 2.85 million to 1.44 million active wallets — suggest the memecoin supercycle might be winding down.

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According to NBC News, Ossoff said, “I saw just 48 hours ago; he’s granting audiences to people who buy his meme coin,” arguing that selling access to the President for financial gain constitutes an impeachable offense.

The Senator added that impeachment would be difficult unless the Democratic Party retakes control of Congress in the 2026 midterm elections. Currently, Trump’s Republican Party holds a majority in both the House and the Senate.

Private Dinner Invitation for TRUMP Coin Holders

On April 23, the official TRUMP token website announced that President Trump would host an exclusive dinner at his Washington, DC golf club for the top 220 TRUMP wallet holders.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

The website published a leaderboard to track eligible wallets and specified that participants must pass background checks and cannot be from any country flagged in Know Your Customer (KYC) watchlists. Guests are not allowed to bring additional companions.

Following the announcement, the TRUMP token price surged by more than 50%. However, on April 25, the TRUMP team denied rumors that participants would need to hold at least 300,000$ worth of TRUMP to attend, clarifying that the official leaderboard is the only accurate source.

Conflict of Interest Concerns Rise

Legal experts have raised serious concerns about potential conflicts of interest surrounding Trump’s cryptocurrency ventures, including the TRUMP memecoin and the Trump-affiliated decentralized finance (DeFi) protocol World Liberty Financial.

Charlyn Ho of law firm Rikka emphasized that several executive orders signed by Trump significantly impact the crypto and digital assets industry, warning that “if he derives personal financial benefits from his own policies, that’s a conflict of interest.”

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Memecoin Madness: LIBRA and Poor Launches Cooling Investor Interest

According to CoinGecko founder Bobby Ong, interest in memecoins appears to have cooled due to bad launches and rug pulls. In a March 6 report, Ong noted that metrics for the Pump.fun platform dropped by 90% following the Libra (LIBRA) rug pull. The launches of TRUMP and MELANIA marked the peak of this trend, as liquidity was drained from other cryptocurrencies.

At the time, Pump.fun reached an all-time high of $3.3 billion in weekly trading volume, but volumes fell by 63% from January to February. CoinMarketCap data shows that the total market cap of these coins dropped from $124 billion to $54 billion.

Ong stated that after Libra’s launch, insiders cashed out $107 million, wiping out 94% of the token’s value, which ended the memecoin craze.

Seasonal, But Survivors May Endure

Ong notes that while these coins are “always going to be seasonal,” some will continue to survive despite fluctuating market cycles.

In February, onchain analytics platform Santiment observed that interest in memecoins had waned, with attention shifting back to Bitcoin, Ether, and other layer-1 altcoins, signaling a healthier market cycle for crypto.

Ong speculates that the market may be heading toward an “extreme case of power law,” where 99.99% fail, and a few coins rise to the top and endure.

“Coins like DOGE, SHIB, and BONK have weathered market cycles and offer lessons for memecoin creators looking to build long-term assets,” Ong said.

“The most successful memes are those that have managed to build cult-like communities, passionately dedicated to a cause, who won’t sell and can create content or stories organically.”

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Recently, numerous memecoins have been launched on the Solana network. These coins have gained massive attention, especially from investors looking for quick profits. However, along with this rising demand, some negative effects have started to emerge on the network.

Rug Pull Risk: The Dangerous Side of Memecoins

The rapid rise of memecoins has led to the occurrence of rug pull scams, where malicious actors withdraw all liquidity and abandon the project. This causes significant losses for investors. The Solana network has frequently seen rug pull incidents due to the fast growth and sudden collapse of memecoin projects. This can damage investor trust and have a negative impact on the network’s reputation.

Trump Coin and Investor Reactions

Another major development is the launch of Trump Coin by former US President Donald Trump. The introduction of Trump to the memecoin space has caused great excitement among investors, but it has also raised concerns in some circles. The fact that Trump Coin is hosted on the Solana network has increased interest in memecoins, but it has also created security concerns. Projects like Trump Coin can be appealing to some users, but others view these projects as speculative and risky. Memecoins are highly volatile, so investors can face sudden price fluctuations.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

The future of Solana in the face of the memecoin explosion is being shaped by several risks. The network’s capacity could be strained due to the huge demand for memecoins, potentially affecting its stability. Investors need to be aware of the potential rug pull scams that come with these coins. It’s expected that Solana will need to strengthen security measures and ensure that only reliable projects are chosen to launch on the network.

The World of Memecoins and What Investors Need to Pay Attention to

Interest in memecoins brings along high risks. The future of Solana, in terms of these projects, is likely to be shaped by rug pull risks and security concerns. Investors need to be cautious and only invest in trustworthy projects. Moreover, the rising interest in speculative projects like Trump Coin is prompting investors to be more careful.

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Sharp Declines in Bitcoin and Ethereum

Bitcoin recently plunged from $105,000 to $98,000, marking a 6.6% drop. Similarly, Ethereum fell from $3,300 to $3,050, experiencing a 7.5% loss.

You Might Be Interested In: Is Trump’s Memecoin Steering Crypto in the Right Direction?

You Might Be Interested In: Elon Musk Shared, That Memecoin Flew: Up 500%!

In yesterday’s analysis, we pointed out that Bitcoin broke its minor trend downward and might see a pullback movement. As expected, this forecast aligned with the market’s actions. Currently, for Bitcoin, the critical levels are:

• Resistance levels: $101,800 and $103,600
• Support levels: $99,200 and $95,400

These levels offer significant insight into Bitcoin’s short-term direction. Any slight upward movement during the day is expected to remain a pullback within the minor trend.

Total3 and Altcoin Market Declines

The shared chart compares Bitcoin’s price movement with the Total3 index, which represents the market cap of all altcoins except Bitcoin and Ethereum. As seen, while Bitcoin dropped 3.03%, the Total3 index experienced a steeper decline of 6.44%.

This demonstrates how altcoins, due to their high volatility and lower liquidity, face greater selling pressure during market downturns.

If Bitcoin holds its current levels, it may provide hope for an altcoin recovery. However, the Total3 index sends a bearish signal about the market’s overall health.

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