- Eric Trump promoted Ethereum on X, suggesting it was “a great time to buy” before editing his post to remove investment advice implications.
- ETH price experienced a 5.5% surge following Trump’s post but subsequently declined 6.9% to $2,700.
- World Liberty Financial transferred 73,783 ETH (approximately $202 million) to Coinbase Prime prior to Trump’s endorsement.
- WLF claimed the large transfer was for “regular treasury management” and operational expenses.
- Critics have characterized the incident as potential market manipulation, particularly given Trump’s connection to WLF as a “web3 ambassador.”
Eric Trump’s cryptocurrency endorsement triggered market volatility and controversy yesterday after the former president’s son promoted Ethereum (ETH) on social media platform X, coinciding with significant token movements from an associated project.
The endorsement came shortly after World Liberty Financial (WLF), where Trump serves as a Gold-paper.pdf”>listed web3 ambassador, transferred substantial cryptocurrency holdings. WLF moved 73,783 ETH (valued at $202 million) to Coinbase Prime, alongside approximately $95 million in various other digital assets including USDC, WBTC, and AAVE.
Market data shows ethereum’s price experienced immediate volatility, climbing from $2,748 to nearly $2,900 following Trump’s post, before retreating to $2,700. The price movement highlighted the potential impact of high-profile endorsements on cryptocurrency markets.
WLF attempted to address concerns about the large transfers, stating they were conducted for “regular treasury management, and payment of fees and expenses and to address working capital requirements.” The organization emphasized they were “not selling tokens” but rather “reallocating assets for ordinary business purposes.”
Cryptocurrency community members raised questions about potential market manipulation. Social media influencer Zion Thomas suggested the incident would require “a new word for market manipulation.” The controversy intensified when Trump modified his original post, removing the phrase “thank me later” approximately 30 minutes after publication.
The incident has sparked discussions about the regulatory implications of social media endorsements in cryptocurrency markets, particularly when made by individuals with connections to projects conducting significant token movements.
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