Trump’s World Liberty Financial is buying more Movement (MOVE) tokens for the first time since the end of January. Additionally, the DeFi fund has turned into an Ethereum staker, locking 913.5 ETH on-chain.
World Liberty Financial continues to reorganize its portfolio, buying more Movement (MOVE). The new tokens were added in three transactions going through CowSwap protocol. The final balance for MOVE reached $447.3K, after previously the fund divested all holdings. The fund added another 803K MOVE tokens as the crypto community awaits the asset to bounce from recent lows.
World Liberty Fi used Cow Protocol to renew its Movement (MOVE) holdings. | Source: Arkham Intelligence
MOVE was among the actively traded assets for World Liberty Fi. A series of four big purchases were made two weeks ago, then a week later divested down to zero. The new round of buying follows a previous outflow of funds from the known transparent wallets of the fund.
During its first buying round, World Liberty Fi bought MOVE at $0.78, catching a wave of sliding prices. Currently, MOVE trades around $0.55, after a local peak at $0.88 at the end of January.
MOVE currently relies on HTX for up to 26% of its trading volumes, while the rest is distributed among smaller centralized markets. MOVE is still an early-stage project, currently running a beta main net and expecting a full launch in the next few weeks. World Liberty Fi has become one of the early investors to boost the project’s visibility, though without much effect on the price action. MOVE remains a risky bet, where influencers are trying to create hype.
There is no clear answer as to why World Liberty Fi has picked an asset like MOVE for exposure and eventual investment. However, the DeFi fund has hinted at supporting the Ethereum ecosystem, including other EVM-compatible scalability solutions. Movement aims to scale and enhance the possibilities of Ethereum by introducing the Move programming language as a tool for smart contract creation. Movement is also running an airdrop campaign, planning to give away 10% of the supply to the community.
One of the possible reasons for favoring MOVE is that the network fits the narrative for ‘Made in America’ crypto technology. The network already has a Movedrome DEX, though the chain is still far behind other ecosystems.
The recent buying is also far from being a strategic reserve, as previous larger purchases were sent out of the fund’s wallet.
World Liberty Fi keeps reorganizing its portfolio
World Liberty Fi still carries $37.5M in total assets, after sending other funds to related wallets or to Coinbase Premium. The fund now sits on 15.1M USDC. TRON (TRX) is the second-biggest holding, for 40.71M TRX, of which none have been sold. Currently, the fund is in a process of allocating its USDC holdings for other purchases.
World Liberty Fi makes relatively small purchases, but is seen as a source of market optimism, as it supports crypto projects and the Ethereum ecosystem. The fund, however, retains only 0.511 ETH, as it transformed its holdings into stETH, which was also sent out to other wallets.
In total, the fund sent out $175M in ETH tokens to Coinbase, with no mention of the next steps for those assets.
The main wallet of World Liberty Fi also no longer holds Aave (AAVE) or Chainlink (LINK), despite plans to use the services of those projects. For now, the fund seems to be testing the crypto ecosystem with trades. The fund also recently endorsed using the Ethereum Name Service, just after acquiring a series of recognizable .eth names.
WLFI tokens sent to over 80K users
World Liberty Fi is closer to completing its second presale round for WLFI tokens. The presale has already distributed over 24B new tokens at $0.05, though still without a clear next step for the usage of WLFI.
The token now has over 80K holders, none of which can sell for roughly a year. The role of WLFI may also include governance only, with no tools for price discovery. For now, the holders are mostly retail, who buy almost constantly, though for small sums under $200. At this stage, the holders may not have much influence even if capable of voting, as the Trump family may control up to 80% of WLFI.
Read the full article here
