On-chain metrics indicate that World Liberty Finance (WLFI), a DeFi crypto project owned by President Donald Trump, has bought huge amounts of Ethena (ENA) tokens. According to Lookonchain, the renowned DeFi project spent thousands of dollars this morning to buy ENA coins.
The WLFI crypto project, managed by two of Trump’s sons, was unveiled nearly September as the former president renewed his engagement with the industry ahead of the November election. The project recently made tremendous investments in multiple cryptocurrencies a few days ago.
Donald Trump-backed WLFI buys ENA
About five hours ago today morning, the WLFI DeFi project spent 500,000 USDC to purchase 509,954 ENA coins at an average price of 0.98 USDT each. That is according to data from Lookonchain today December 15.
The transaction is part of a wider investment commitment by the project to capitalize on the growth of various cryptocurrencies. Since November 30, the firm has spent a whopping $44.41 million to acquire five different virtual currencies. These acquisitions include digital assets such as AAVE, LINK, cbBTC, ETH, and ENA.
The investment strategy on these virtual currencies reflects the project’s dedication to expanding its portfolios and solidifying its presence in the DeFi landscape.
ENA price movement
Ethena is currently trading at $1.14, up 12.4% in the past 24 hours, with its market cap surging to $3.44 billion, up 16.93% over yesterday. The token rose 11.2% in the last seven days, meaning that ENA is outperforming the global digital asset market which is down 1.90% currently. Data shows that the token is up 110%, indicating its continuing growth. Its trading volume is currently up 143.30% over yesterday, signaling a recent increase in market activity.
The surge in ENA trading activity reflects positive sentiment around the token and buying pressure continues to weigh on the coin. Whale activity has played a crucial role in Ethena’s recent price trajectory.
Large investors continue accumulating the token. Recently, Arthur Hayes purchased a massive 16.79 million ENA coins, driving the price over 22% following the transaction.
Last month, Pantera Capital, a crypto investment company, also bought Ethena coins worth $8 million. The acquisition signaled Pantera’s move to maximize Ethena’s rising popularity and its recent impressive market performance. The token’s bullish momentum has been attracting attention from all types of investors, including institutions and individuals.
ENA’s continued price resilience also stems from the Ethena ecosystem’s growth, especially from its synthetic dollar USDe’s popularity. Last month, Ethena Labs achieved a significant milestone after the supply for its USDe stablecoin reached $4 billion in market value. The stablecoin also generated an APY of a gigantic 25% for its users, signifying market growth and increased activity. The USDe is different from traditional stablecoins as it provides native yields to users.
