Yesterday was a historic day. As Donald Trump took office as the 47th U.S. President, there was an unexpected twist—the first pro-crypto U.S. president in history. I spent the day glued to live streams, scrolling through X, and keeping an eye on my crypto charts. While Trump didn’t mention crypto during his inauguration speech, the market saw some notable action. Here’s a Trump Update on what happened and how it’s impacting the crypto world.
1) Trump Family Coins: The Meme Coin Craze
After the massive success of the $TRUMP meme coin, Trump’s family got in on the action. Melania Trump launched her official meme coin the night before Trump’s inauguration. This sparked a wave of family-themed coins, with each member getting their own token, even Trump’s cat!
While some of these family coins were clearly scams and money grabs, others saw significant value. For example, the $BARRON coin, which wasn’t even created by the Trump family, surged to a $400 million market cap. It has since dipped to $30 million, but that’s still impressive for a coin that started as a joke. Whether you view these coins as money grabs or not, there’s no denying the profits for early investors.
2) World Liberty Finance: Presale Success and Token Sale
The World Liberty Financial (WLFI) presale, backed by Trump, has been a huge success. This DeFi project has been in the works since October, but the excitement around Trump’s inauguration gave it a significant boost. WLFI initially sold its tokens at 1.5 cents each but has since raised the price to 5 cents due to overwhelming demand in the last days.
The first phase of the token sale sold 20% of the total supply, which brought in $300 million. After seeing massive interest, World Liberty Financial opened up an additional 5% of the tokens for sale. The platform is aiming to raise an additional $250 million with this extension.
Big investors like Justin Sun, the founder of TRON, have also jumped on board. Sun has invested a whopping $75 million into WLFI, showing confidence in the project. WLFI tokens will be used as governance tokens for the platform’s decentralized trading platform, which will allow holders to vote on community proposals.
When I noticed the money flowing into WLFI, I quickly added some. Now we pray.
3) World Liberty Financial on a Buying Spree
In the days leading up to Trump’s inauguration, WLFI was on a buying spree. The platform spent over $100 million purchasing various cryptocurrencies.
They acquired:
- $47 million of wrapped Bitcoin (BTC)
- $47 million of Ethereum (ETH)
- $4.4 million of AAVE
- $4.5 million of TRON (TRX)
- $4.5 million of Ethena (ENA)
- $5.5 million of Chainlink (LINK)
These acquisitions show that WLFI is positioning itself to dominate the DeFi space with a diversified portfolio. Despite a slow start, the buying frenzy helped WLFI tokens sell out 85% of its total supply.
The platform, led by Zachary Folkman and Chase Herro, has been actively supported by members of the Trump family, including Eric Trump, Donald Trump Jr., and Barron Trump. Their involvement has only added more credibility to the project.
4) Trump is Staking ETH: A Bold Move for DeFi
In a bold move for DeFi, WLFI’s multi-sig wallet has started staking ETH. Over the past few days, the platform purchased about 50,000 ETH, worth approximately $160 million, and began staking around 4,800 ETH. This could be seen as a bullish signal for the DeFi sector, especially with WLFI becoming one of the prominent players in the space.
This staking activity could also be a strategic move to participate in Ethereum’s Proof-of-Stake network, allowing WLFI to earn rewards on its ETH holdings.
Learn how you can stake your ETH to farm airdrops
5) Melania’s Coin Breaks Solana
In an unexpected turn of events, Melania Trump’s coin launch caused network congestion on Solana. Within the first hour of her coin going live, Solana users began experiencing network difficulties, likely due to the massive trading volume generated by these Trump family coins.
I was spamming the buy button the first hour when the price market cap hovered between 2-3 Billion. However I couldn’t get in, only to watch the market cap reach 12 billion the same day,
This incident has reignited the debate between monolithic and modular blockchain scalability. It’s a reminder that high trading volumes and sudden surges in interest can put a strain on blockchain networks, even those as robust as Solana.
Fortunately, it’s now tradable on Bybit for the degens like me.
6) Trump Makes No New Mention of Crypto During Inauguration
On January 20, as Trump took the oath of office, Bitcoin hit a new all-time high, peaking at $109,071. However, it quickly retraced to around $102,546 by the next day, still up around 9.5% for the month.
Despite this, Trump’s inaugural speech didn’t mention cryptocurrencies at all. The speech focused on issues like trade tariffs, immigration, and energy deregulation.
However, the crypto market is still reacting positively to the changes that Trump is bringing to the regulatory landscape. Trump has already made key personnel changes that could have a big impact on crypto regulation. He has appointed Mark Uyeda, a Republican SEC member, to act as the SEC Chair, and Paul Atkins, a former SEC Commissioner, is expected to take the role permanently.
These appointments are seen as a sign that Trump’s administration will be more crypto-friendly than the previous one. It’s anticipated that Trump’s team will begin overhauling crypto policies, possibly as soon as next week.
Final Thoughts
Although Trump didn’t mention crypto directly during his inauguration, his actions are already having a significant impact on the market. From the $TRUMP family coins to the World Liberty Financial DeFi project, Trump’s influence is undeniable. The market reacted positively, with Bitcoin hitting a new all-time high, and the DeFi sector saw major moves with ETH staking and token purchases.
With Trump’s new administration in office, we can expect more developments in the crypto space. Whether it’s through personnel changes at the SEC or his family’s growing involvement in DeFi, the next four years could bring exciting times for the industry. Stay tuned for more Trump Updates as the world of crypto continues to evolve under his leadership!
In partnership with Bybit, we have a special promotion for new users who like to trade the Trump-based coins. Sign up today to benefit.
Credit: Source link
