The Donald Trump-backed crypto initiative, World Liberty Financial, has made waves in the cryptocurrency market with a significant purchase of Ethereum (ETH). On Jan. 19, the platform acquired 14,403 ETH worth $48 million, according to Lookonchain. This brings its total holdings to 33,630 ETH, valued at over $107 million, based on Arkham Intelligence data.
The acquisition comes as Ether experiences a slight uptick against Bitcoin, with prices fluctuating between $3,133.98 and $3,439.78 in the last 24 hours. While ETH is down 1.5% on the day, trading at $3,230 according to CoinGecko, the surge in interest is reflected in Google Trends data, which shows a peak in search volumes for "Ethereum" on Jan. 19.
World Liberty Financial’s Ethereum purchases follow Donald Trump’s surprise launch of a memecoin on the Solana blockchain, which triggered a rally in Solana’s native token, SOL. The token reached an all-time high of $270, rising sharply from its previous levels.
Eric Trump, a key adviser to World Liberty, teased in a Jan. 19 X post that the platform has “something big” in store, fueling speculation about upcoming announcements.
Adding to the drama, Melania Trump, the incoming First Lady, launched her own memecoin, MELANIA, on Jan. 20—just one day ahead of Donald Trump’s presidential inauguration. The coin reached a $6 billion market cap in under two hours, with its website describing it as a way for supporters to express allegiance.
The launch of MELANIA had an immediate impact on Donald Trump’s $TRUMP token. The token’s market cap plummeted by $5 billion, with its price falling 38% in just 40 minutes, according to CoinMarketCap data. Analysts attribute the shift to investors pivoting to Melania’s coin, further highlighting the volatile nature of the memecoin market.
As World Liberty Financial continues its crypto maneuvers and Melania Trump’s memecoin gains traction, the market is abuzz with speculation. The intersection of politics and cryptocurrency is reaching new heights, with the Trump-backed initiatives pushing boundaries in the digital asset space.
With Ether’s newfound momentum, Solana’s rally, and the memecoin frenzy, all eyes are on the Trump family’s next moves in the crypto world. Whether these ventures bring lasting change or fleeting hype remains to be seen, but the impact on market sentiment is undeniable.
January 2025, Cryptoniteuae