Eric Trump: Time To Buy Ethereum
05 Feb, 2025 ● Crypto people
Ether rebounded above $2,900 after US President Donald Trump announced a pause on tariffs targeting Canada and Mexico, while his son, Eric Trump, encouraged his 5.4 million X followers to consider buying Ethereum.
“In my opinion, it’s a great time to add $ETH. You can thank me later,” Eric Trump posted on February 3.
However, he later edited the post, removing the phrase “You can thank me later.”
Eric Trump’s comments followed a crypto market crash on February 2 and 3, triggered largely by his father’s proposed tariffs, which caused Ether to plunge 16% in just one hour, hitting a local low of $2,368.
Ether began recovering even before Eric’s post, climbing to around $2,700 after President Trump agreed to temporarily halt the proposed tariffs while negotiations with Canada and Mexico continued.
Following the post, ETH continued to rise, peaking at $2,913 before pulling back to its current price of $2,806.
This price action coincides with significant activity from the Trump family’s World Liberty Financial (WLF) crypto platform, which transferred $307.41 million worth of assets to Coinbase’s custody platform on February 3, according to blockchain analytics firm Spot On Chain.
WLF also unstaked nearly 20,000 Lido Staked Ether (stETH), converting it back into Ether, and spent an additional $5 million in USD Coin (USDC) to purchase 1,826 ETH at an average price of $2,738, Spot On Chain reported.
In a note to Cointelegraph, Spot On Chain suggested these funds might support WLF’s “Earn and Borrow” lending protocol, which is still under development.
In January, the Ethereum Foundation announced a series of organizational updates aimed at providing stronger support to developers within the decentralized finance (DeFi) ecosystem.
The foundation allocated 50,000 Ether to its treasury, with plans to grow it through staking rewards.
Ethereum core developer Eric Conner noted that these staking rewards could potentially cover most, if not all, of the foundation’s internal budget, helping to reduce the selling pressure that has concerned the community and possibly impacted Ether’s performance during this bull cycle.
Meanwhile, Etherealize, a marketing firm focused on promoting Ethereum to institutional investors, launched on January 22 with the goal of pitching Ethereum’s bullish potential to Wall Street.
Sources:
https://cointelegraph.com/news/ethereum-hits-2900-eric-trump-great-time-add-eth
https://x.com/EricTrump/status/1886541132903133230
