Trump’s crypto project buys $48M ETH when the token consolidates with Bitcoin
Global Freedom Finance, a crypto project backed by Donald Trump, has collected millions of dollars worth of Ether as the token has shown some strength against Bitcoin.
World Liberty Financial bought 14,403 Ether (ETH) worth a total of $48 million in purchases on January 19, Lookonchain reported on January 19 on X.
World Liberty's total ETH holdings currently stand at 33,630 ETH, worth more than $107 million, according to Arkham Intelligence.
Source: Psychedelic
ETH/BTC Ratio — Data from TradingView shows the relative strength of Ether, which has fallen 18% against Bitcoin over the past six weeks, jumping from 0.79% to 0.03197.
This happened after Trump's surprise launch of Memcoin on Solana, which sparked a rally in its native Solana (SOL) token, sending it soaring to $270.
World Liberty has not publicly disclosed the motivation behind the ETH purchases. Trump's son Eric, an adviser to world liberals, teased in a Jan. 19 X post that the platform is in the works.
“Wait till you see what they do tomorrow,” he wrote.
Source: Eric Trump
Ether's price has fluctuated between $3,133.98 and $3,439.78 in the past 24 hours, but is currently down 1.5% on the day to $3,230, according to CoinGecko.
Google search volumes for “Ethereum” also peaked, with Google Trends showing that the term peaked on January 19.
Trump's wife, First Lady Melania Trump, launched memecoin a day before her husband's US presidential inauguration.
RELATED: Allegations of insider trading emerge as TRUMP memecoin floods Solana DEXs.
The price of Donald Trump's token fell 38 percent in 40 minutes after it started promoting its owner, MemCoin, at the top of the $5 billion market, according to CoinMarketCap data.
Melania Trump's self-proclaimed memecoin MELANIA gained $6 billion in value in two hours. The token's website says it is open to buyers to express their support.
Magazine: BTC ‘Reasonable' $180K Target, NFTs Fall in 2024, and More: Hodler's Digest January 12 – 18
