On January 20, 2024, just hours before President Trump's inauguration, the decentralized finance platform World Liberty Financial (WLF), associated with the Trump family, suddenly made large purchases in the cryptocurrency market, exceeding $100 million. According to data from Arkham Intelligence, the platform's wallet address purchased $46.8 million worth of Ethereum (ETH) and $46.7 million worth of Wrapped Bitcoin (WBTC) within just four hours, with each transaction exceeding $4 million. Additionally, it included several smaller market cap tokens, such as Ethena (ENA), Wrapped Tron (wTRX), Chainlink (LINK), Aave (AAVE), and Uniswap (UNI).
These purchases have brought the wallet's cryptocurrency holdings to $326.2 million, with most of the value coming from three major digital currencies: Ethereum (ETH), Wrapped Bitcoin (wBTC), and USD Coin (USDC).
Trump's cryptocurrency project has sparked attention and controversy
This move coincides with the Trump family and their cryptocurrency project World Liberty Financial (WLF) drawing widespread attention. WLF's positioning in the cryptocurrency market is closely related to the Trump family's supportive stance on cryptocurrency, especially with President Trump about to take office. According to Cointelegraph, World Liberty Financial has sold 20% of its 100 billion tokens and released another 5% of its token supply at a 230% premium.
On the day before Trump’s inauguration, he launched the official meme coin TRUMP on the Solana blockchain, which briefly exceeded a market cap of $15 billion on January 19. However, on January 20, as Trump was inaugurated, the market cap dropped by 40%. Meanwhile, Trump's wife Melania Trump also launched her namesake meme coin MELANIA on January 19, sparking strong reactions in the crypto community.
The tremors in the cryptocurrency market and the Trump family's strategy
The Trump family's cryptocurrency actions are not limited to buying large amounts of ETH and WBTC; the platform also trades through the decentralized exchange CoW. The Trump family is clearly laying the groundwork for its cryptocurrency strategy, and the key figures behind World Liberty Financial, including Zachary Folkman and Chase Herro, previously worked at another decentralized finance platform, Dough Finance.
President Trump, as the 'Chief Cryptocurrency Advocate', has appointed his sons Eric Trump and Donald Trump Jr. as Web3 ambassadors, and their roles undoubtedly contribute to the platform's success and visibility.
What is the future of the Trump family's cryptocurrency strategy?
As the Trump family continues to deepen its involvement in the cryptocurrency field, World Liberty Financial's purchasing behavior, the launch of meme coins, and investments in crypto assets have undoubtedly generated strong interest in its future direction. The high volatility of the cryptocurrency market and the Trump family's significant influence suggest that more innovations and controversies may arise in the future.
How do you think the Trump family's cryptocurrency strategy will develop? Will it have a profound impact on the entire cryptocurrency market? Feel free to share your thoughts in the comments!
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