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Ethereum

From Solana To Ethereum? Donald Trump’s World Liberty Spends $20 Million On ETH

Scott Matherson
by Scott Matherson
7 months ago
·
Posted in Altcoin News, Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

US president-elect Donald Trump is already taking proactive steps in the crypto industry to begin his administration, starting with Ethereum. First was the launch of his meme token on Solana and the endorsement of Melania Trump’s meme token on social media platform X. Behind the scenes, World Liberty Financial, a crypto venture affiliated with Donald Trump and some of his family members, has taken a major step toward Ethereum. On-chain transaction data reveals that the DeFi company recently converted a $20 million worth of USDC into 6,041 ETH, purchasing the tokens at a rate of $3,311 each.

From Solana To Ethereum

The launch of the Official Trump meme token on the Solana blockchain caught many in the crypto community off guard and it served as a nod to Solana’s increasing prominence in the blockchain space. Particularly, this move highlighted Solana’s rising prominence and its growing edge over Ethereum as a preferred blockchain for launching meme coins and smart contracts. Notably, Solana-based meme tokens have gained significant traction in the current market cycle, contrasting with Ethereum-based meme coins and utility cryptocurrencies, which dominated during the 2021 crypto bull market.

Related Reading: Bitcoin Price And The Trump Effect: Here’s What Happened The Last Time Donald Trump Was President

Furthermore, Ethereum was considered Donald Trump’s blockchain of choice due to its significant allocation within World Liberty Financial’s portfolio. This is because World Liberty Financial had already purchased millions of dollars worth of ETH. Interestingly, the DeFi company also has a substantial amount of Chainlink and Aave in its portfolio, which are two other Ethereum-based cryptocurrencies.

However, the recent transaction shows that Donald Trump might still be proactive on ETH. The transaction saw World Liberty utilize $20 million USDC to acquire 6,041 ETH, despite Ethereum’s underperformance in the current market cycle when compared to other large market cap cryptocurrencies. Interestingly, this brings the total ETH purchase to $47 million worth of ETH in the past 24 hours.

According to data from Arkham Intelligence, World Liberty’s crypto portfolio is valued at $276.4 million, with Ethereum making up the largest share. Specifically, World Liberty holds 39,000 ETH worth $128 million, which is a clear indication of its faith in Ethereum’s value proposition.

Ethereum
World Liberty Financial Venture’s overall crypto holdings | Source: Arkham Intelligence

Beyond ETH, the portfolio includes significant allocations to stablecoins, with $78.55 million in USDT and $62.32 million in USDC. Additionally, World Liberty holds $1.97 million in Aave, $1.91 million in Chainlink, $1.80 million in Wrapped Bitcoin (WBTC), and $818,460 in Wrapped Ethereum (WETH), among many other altcoins. Surprisingly, World Liberty doesn’t hold any Solana.

ETH’s Price And Market Sentiment

As mentioned, Ethereum’s performance this cycle has been underwhelming compared to early expectations in the beginning of this cycle as the largest altcoin.  Particularly, the king of altcoins has yet to break substantially and hold above the $4,000 price mark.

Related Reading: Ethereum Sees 8-Month High In New Addresses—Can It Hit $5,000?

Nonetheless, significant investments like this can go a long way in rebuilding a positive sentiment surrounding ETH and increase buying interest from retail and institutional investors.

At the time of writing, ETH is trading at $3,310.

Ethereum
ETH trading at $3,377 on the 1D chart | Source: ETHUSDT on Tradingview.com
Featured image from Medium, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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