Trump-Backed World Liberty Financial's Purchases Trigger Strong Rally In These DeFi Tokens

World Liberty Financial, a cryptocurrency project backed by President-elect Donald Trump, continued to add momentum to the coins it was purchasing.

What happened: ONDO, a tokenization-themed cryptocurrency, zoomed over 11% to record-breaking highs, becoming the fourth-biggest market gainer over the last 24 hours.

The coin's trading volume surged over 73% to $483 million, suggesting significant buying pressure.

ONDO serves as the governance token of Ondo Finance, a decentralized finance platform built atop Ethereum ETH/USD that tokenizes real-world assets.

Cryptocurrency	Gains +/-	Price (Recorded at 9:00 p.m. EDT)
Ondo ONDO/USD	+11.81%	$2.08
Ethena ENA/USD	+8.25%	$1.28

Another Ethereum-based coin, ENA, lifted to an eight-month high following an 8% increase in the last 24 hours. 

ENA is the native token of Ethena, a protocol that offers a so-called synthetic dollar for DeFi uses.

See Also: Massive Crypto Exchange Witnesses Unusual $100 Million Bitcoin Activity

The upsurge was powered by significant purchases by World Liberty Financial. The DeFi project spent $250,000 to buy 134,216 ONDO tokens on Sunday, on-chain data showed.

Donald Trump's World Liberty Financial (@worldlibertyfi) just spent 250K $USDC to buy the first 134,216 $ONDO an hour ago!

Overall, since November 30, this fund has spent $44.75M to buy 6 crypto assets:

• 8,105 $ETH (cost: $30M, avg buy price: $3,701), now +$2.12M

• 102.9… https://t.co/KBaKgqvvq1 pic.twitter.com/ez4dNwmATA

— Spot On Chain (@spotonchain) December 16, 2024

A day earlier, the fund acquired over $500,000 of ENA at an average buying price of $0.981.

Donald Trump's World Liberty Financial (@worldlibertyfi) is buying $ENA!

3 hours ago, this fund spent 500,013 $USDC to buy the first 509,955 $ENA at an average price of $0.981.

Overall, since November 31, World Liberty Financial has spent $44.41M to buy 5 crypto assets,… pic.twitter.com/2jSNS2Oc00

— Spot On Chain (@spotonchain) December 14, 2024

Since the beginning of December, the project has invested more than $44 million to bag cryptocurrencies like Ether, Aave AAVE/USD, and Chainlink LINK/USD along with ONDO and ENA.

World Liberty Financial is being promoted as a decentralized money market that will allow users to borrow, lend, and earn interest on cryptocurrencies.

Trump and his family have aggressively promoted the project, and a firm associated with the President-elect, DT Marks DEFI, LLC, would receive 75% of the protocol revenue.

Trump positioned himself as the “Crypto President” through several bold commitments, and his involvement with any coin, no matter how minor, significantly piques the market’s interest.

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Photo courtesy: Wikimedia