Trump’s WLFI Boosts Ether Holdings Despite Market Storm
In a big move, Trump’s World Liberty Financial (WLFI) has tripled its Ether holdings. This means they’ve bought a lot more of this cryptocurrency, even though the market is very unstable right now. This happened while the crypto world is facing problems from big economic changes and recent big hacks, like the $1.4 billion Bybit hack.
Why WLFI Did This
The crypto market has been going up and down a lot lately. People are worried because of big economic problems and things happening in the crypto world. During this time, the price of Ether went down below $2,000 for a short time. WLFI saw this as a good chance to buy more Ether. They bought an extra $10 million worth of Ether, along with $10 million in Wrapped Bitcoin (WBTC) and $1.5 million in Movement Network (MOVE) tokens.
WLFI’s plan is to make the crypto world more stable by investing in different types of tokens and new projects in the world of decentralized finance (DeFi). But even with this plan, WLFI is currently losing a lot of money on its investments. They’ve lost over $89 million across nine different tokens.
What’s Happening with Solana
Solana, another big player in crypto, has had a lot of money taken out of it this February. People are taking their money out because they’re worried about the market and recent scams. This is happening while the crypto market is changing, and people are looking for safer investments that give them steady returns.
Ethereum and WLFI’s Plans
Joseph Lubin, one of the people who started Ethereum, thinks that the Trump family might use Ethereum to build big businesses. They might even use it in the government. This fits with WLFI’s plan to invest more in Ethereum and their partnership with the Sui Network to create a special reserve of SUI tokens.
What Does This Mean for Crypto?
In simple terms, WLFI’s decision to buy more Ether shows that people are still interested in big cryptocurrencies like Ether and Bitcoin, even when the market is very unstable. Even though WLFI is losing a lot of money right now, their plan shows that they believe in the future of crypto and want to connect it with the traditional financial system. As the crypto world keeps changing, with big events like the White House Crypto Summit coming up, people will keep talking and guessing about what the future holds for cryptocurrencies in the U.S.
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Sources:
– Bitget
– Cointelegraph
– Ainvest
– Coin360