#Trump family tokens plunge#
Hot Topic Overview
Overview
The Trump family-backed crypto project World Liberty Financial (WLFI) spent $220 million on seven cryptocurrencies, including ETH, WBTC, AAVE, LINK, TRX, and ENA, after Trump became president. However, these tokens are currently all in the red, with a total unrealized loss of $9.4 million. Although Trump didn't mention cryptocurrencies in his inauguration speech, his family project's investment in cryptocurrencies and his appointment of a pro-crypto individual as acting chairman of the CFTC indicate a friendly attitude towards the crypto industry. However, the Trump family project's operations in the crypto market and its absence of mention of cryptocurrencies in the inauguration speech led to a fall in expectations for Trump and triggered a crypto market pullback. Currently, the market remains cautious about Trump's future policy direction, but his family project's investment in cryptocurrencies and his friendly attitude towards the crypto industry still bring some positive aspects to the crypto market.
Ace Hot Topic Analysis
Analysis
The World Liberty Financial (WLFI), a crypto project backed by the Trump family, spent $220 million on seven cryptocurrencies, including ETH, WBTC, AAVE, LINK, TRX, ENA, and ONDO, after Trump became the 47th president of the United States. However, these tokens are currently underwater, resulting in a total unrealized loss of $9.4 million. Although Trump did not mention cryptocurrency in his inaugural address, the family's investment behavior and positive attitude toward the crypto industry have fueled hope for the crypto market among many. However, WLFI's investment strategy has sparked controversy, with its large-scale purchases deemed "liquidity harvesting," leading to numerous investors getting trapped at high prices. Furthermore, the unlocking schedule of WLFI's tokens has raised concerns. A large-scale unlocking is scheduled in three months, which could potentially impact the market.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Trump family's cryptocurrency project WLFI bought cryptocurrency wildly after Trump's inauguration, including $47 million ETH, $47 million WBTC, etc., but it is currently in a loss state.
Trump's inauguration speech did not mention anything related to cryptocurrency. Previous promises such as easing the sentence of Ross Ulbricht, the founder of 'Silk Road', and stopping the crackdown on the cryptocurrency industry within an hour of taking office were not fulfilled.
Trump appointed Caroline Pham, a pro-cryptocurrency figure, as acting chairman of the CFTC, which may promote pro-cryptocurrency policies.
The Meme coins TRUMP and MELANIA issued by the Trump family have experienced a sharp drop after being hyped in the market, sparking questions about the Trump family's use of the cryptocurrency circle to harvest.