The Trump-Backed Crypto Project Acquires Millions in Digital Assets
The latest data from blockchain tracking firm Lookonchain reveals that World Liberty Financial (WLFI), the crypto project backed by US President Donald Trump, has recently purchased a significant amount of digital assets. The acquisition includes approximately $2 million worth of Avalanche (AVAX) and Mantle (MNT) tokens.
Key Details of the Acquisition
Avalanche is a layer-1 Ethereum competitor, while Mantle is a well-known Ethereum layer-2 scaling solution. However, despite these investments, WLFI’s overall crypto portfolio, which consists of more than 11 different tokens, is currently facing losses totaling nearly $120 million.
Lookonchain’s data highlights that WLFI’s recent purchases include 103,911 AVAX tokens and 2.45 million MNT tokens. The total expenditure on various tokens by World Liberty Financial amounts to $343 million, with every token showing a negative return, resulting in a substantial loss of $118 million.
As of the current market conditions, AVAX is trading at $18.35, while MNT is valued at $0.826 per token.
Trump’s Crypto Strategy
Aside from WLFI’s asset accumulation, President Trump has also proposed the creation of a national crypto strategic reserve for the US, consisting of Bitcoin (BTC) and several other major altcoins. Trump’s announcement of the crypto reserve initially caused a $100 billion market surge, driven by his vision to establish the US as a global leader in the crypto industry.
Trump’s motivation behind the reserve stems from what he perceives as “corrupt attacks” on the crypto sector by the Biden administration. He aims to position the US as the “crypto capital of the world” in response to these challenges.
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