Ethereum (ETH) appears to have gained a new powerful supporter, as the Donald Trump-inspired World Liberty Financial project embarks on an accumulation spree.
Over the past year, Ethereum’s (ETH) potential has come under question as it has continued to underperform other leading crypto assets by market cap. Amid the doldrums, a recent move by World Liberty Financial (WLFI), a decentralized finance platform inspired by U.S. President Donald Trump, now appears to be sparking new hope among investors.
A Powerful Supporter?
Many Ethereum proponents now believe that the asset has gained a powerful new supporter in none other than President Donald Trump.
The sentiments come as World Liberty Financial (WLFI), the DeFi project inspired by Trump, not only purchased $47 million worth of ETH to celebrate his inauguration as the 47th president of the U.S. but has now gone ahead to stake some of these holdings.
Specifically, per Etherscan data, WLFI has staked nearly 5,000 ETH worth over $15 million on Ethereum liquid staking provider Lido. The move is significant as it makes the project a more involved contributor to the Ethereum network and suggests its willingness to tie its fortunes with the network long term.
Donald Trump is starting to stake his ETH
Let me say that again….
The President of the USA is staking ETH pic.twitter.com/jRPwpiuuwz
— Eric Conner (@econoar) January 20, 2025
For context, staking involves locking up one’s assets to participate in securing a network. This process typically involves verifying transactions for a reward with locked assets held to keep the network participants honest.
Meanwhile, Ethereum is not the only asset WLFI accumulated on inauguration day. The project also purchased copious amounts of Bitcoin, LINK, TRON, AAVE, and Ethena.
However, this WLFI interest has not been able to save these assets, including Ethereum, from the crypto market’s post-inauguration correction. Per CoinMarketCap data, ETH, for one, is trading just above the $3,250 price point at the time of writing, representing an over 4% decline over the past 24 hours.
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