Donald Trump, the new President of the United States who will take office with the inauguration ceremony tomorrow, made a big splash in the market with the cryptocurrency steps he took this weekend.
Trump launched a memecoin called Official Trump (TRUMP) and saw its market cap increase by billions of dollars within minutes. TRUMP, which continues to rise, is trading at $63 at the time of writing and has a market cap of $12.76 billion.
On the other hand, the second cryptocurrency that benefited the most from these memecoin developments was Solana (SOL), as Trump launched his memecoin on the Solana network. The SOL price also broke all-time high price records one by one.
However, Donald Trump's cryptocurrency project, World Liberty Financial, purchased a total of $20 million worth of ETH in transactions today. We reported this to you as Bitcoinsistemi.com. However, there is a detail that most people miss in these Ethereum purchases, where they were purchased.
According to Onchain data, Trump is buying his ETH via CowSwap. CowSwap is a decentralized exchange and also has its own altcoin called COW. After the purchases, the COW price experienced a significant increase and increased its climb to 25% during the day. The altcoin, which was traded at $ 0.60 before the rise, is trading at $ 0.83 at the time of writing.
Chart showing the rise in COW price.
*This is not investment advice.
