Data Suggests Trump-Backed DeFi Platform WLFI Selling Ethereum at a Loss
Data from blockchain intelligence firm Lookonchain indicates that wallets associated with President Donald Trump-backed decentralized finance (DeFi) platform World Liberty Financial (WLFI) are selling Ethereum (ETH) at a loss. According to Lookonchain’s report, it appears that WLFI has initiated the sale of a portion of its nine-figure ETH holdings at a loss.
Uncertainty Surrounding Wallet Ownership
While Lookonchain’s data points towards WLFI’s involvement in the ETH sell-off, it is crucial to note that the wallet in question is not definitively confirmed to be controlled by WLFI. The uncertainty surrounding the ownership of the wallet adds complexity to the situation.
World Liberty Financial’s Background
World Liberty Financial (WLFI) was launched by President Trump late last year with the aim of assisting individuals who have been marginalized by traditional banking institutions. The platform’s mission to provide financial empowerment to the disenfranchised sets it apart in the DeFi space.
Market Trends and Whales Selling
Amid the recent market downturn, Lookonchain’s data also highlights significant sell-offs of the ETH rival Solana (SOL) by whales. These large-scale transactions involve unstaking SOL tokens and subsequently selling them in large quantities, indicating a broader trend within the cryptocurrency market.
The current market prices show ETH trading at $1,487 with a 2.5% loss on the day, while SOL is valued at $106, reflecting a marginal decrease over the last 24 hours.
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