Trump-Backed World Liberty Financial Scoops Up $48M in Ether: Details

World Liberty Financial, a crypto project backed by Donald Trump, has made significant moves in the Ether market, purchasing 14,403 ETH on Jan. 19. The acquisitions, valued at $48 million, bring the platform’s total Ethereum holdings to 33,630 ETH, worth over $107 million, according to data from Arkham Intelligence.

This surge in ETH accumulation comes as the ETH/BTC ratio, which measures Ether’s strength relative to Bitcoin, experienced a 0.79% increase, reaching 0.03197. This marks a slight rebound for Ethereum, which had dropped 18% against Bitcoin in the last six weeks.

Speculation Grows Amid Ether Price Swings

The rationale behind World Liberty Financial’s Ether purchases remains unclear. However, Eric Trump, an adviser to the platform and son of Donald Trump, hinted at forthcoming developments in a Jan. 19 X post, writing, “Wait until you see what they do tomorrow.”

Amid these developments, Ether has experienced price fluctuations, trading between $3,133.98 and $3,439.78 within 24 hours. Despite this volatility, ETH price dipped 1.5% on the day, settling at $3,230, per CoinGecko. Interestingly, the token’s activity coincided with a spike in Google search trends for “Ethereum,” reaching peak popularity on Jan. 19.

Memecoin Craze Adds to Market Drama

The crypto market frenzy wasn’t limited to Ether. The Trump family’s recent ventures into memecoins have stirred significant attention. On the eve of his presidential inauguration, Donald Trump launched a memecoin that saw its market cap plummet by $5 billion following the debut of MELANIA, a memecoin launched by the incoming First Lady, Melania Trump.

Melania’s memecoin gained remarkable traction, achieving a valuation of $6 billion within two hours of its release. The project’s website described the token as a means for supporters to express their allegiance. Meanwhile, Donald Trump’s memecoin took a hit, dropping 38% in just 40 minutes, according to CoinMarketCap.