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Donald Trump's World Liberty Financial (WLFI) has gone on a crypto spending spree, acquiring millions of dollars worth of Ethereum (ETH), Chainlink (LINK), and Aave (AAVE).
In just a few hours, the project recorded transactions amounting to millions of USDC, used to purchase these tokens. According to on-chain data from Etherscan on December 12, WLFI acquired over 2,631 ETH at a price of $3,801 per ETH, totalling around 10 million USDC.
The price of Ethereum surged by 2.36% in just 1 hour after the purchase, and by 6.86% over a 24-hour period.
WLFI also purchased 41,335 LINK tokens with 1 million USDC, at an average price of $24.2 per LINK. The price of Chainlink surged by over 20% in just one day after the purchase, reaching $26.72.
The project additionally bought 3,357 AAVE tokens for 1 million USDC, with an average price of $297 per AAVE token. AAVE has since appreciated by over 30%, and is currently sitting above $357, according to Coinmarketcap. LINK has also appreciated by around 30% in the past 24 hours to reach $29.07.
“Any stables they get they are flipping for ETH,” Ethereum investor and advisor Eric Conner told The Block. “The Trumps are clearly swapping these stables for ETH instead of just sitting in stables.”
Last month, Justin Sun became the largest investor in WLFI after purchasing $30 million worth of its tokens. This milestone means Trump and his family will begin receiving payments, with the President-elect’s company, DT Marks DEFI LLC, entitled to 75% of net revenues after the project raises $30 million.
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World Liberty Financial describes itself as "a movement to help secure the future of the US dollar in a digital world, without succumbing to the centralized control of CBDCs."
Trump is listed as the “chief crypto associate." Eric Trump and Donald Trump Jr are listed as Web3 Ambassadors.
WLFI also plans to launch its own stablecoin. The project has reportedly raised $14 million to develop and launch the US dollar-pegged token. World Liberty Financial is currently working on how to make the product safe for the market.
The project revealed that Paxos co-founder Rich Teo would lead the project’s stablecoin. Paxos powers the stablecoins Pax Dollar (USDP) and PayPal USD (PYUSD).
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