Ethereum’s Price Jumps as Big Names Show Support

Ethereum is surging, both in price and political relevance. High-profile figures like Eric Trump and Vivek Raman are now big boosters of the asset, highlighting its expanding role in decentralized finance (DeFi).

Ethereum’s use in cutting-edge financial applications and the backing of major financial institutions like Deutsche Bank and UBS have fueled its rise. But this surge has stirred up a discussion in the crypto community about the role of political figures in affecting the network’s growth.

Big Names, Big Support

Vivek Raman, a well-known figure in the crypto market, recently used his X account to showcase Ethereum’s growing influence. He highlighted the launch of World Liberty Financial, a new DeFi application built on Ethereum, which has caught eyes due to its backing by the Trump family.

A Strategic Crypto Reserve will include ETH

A top new DeFi app – @worldlibertyfi – is being built on top of Ethereum

Deutsche Bank and UBS are experimenting with L2s on Ethereum

ERIC TRUMP IS BULLISH ETH

All roads flow through Ethereum. https://t.co/81fmsGAEo9

— Vivek Raman (@VivekVentures) February 3, 2025

Adding further weight to the growing support for Ethereum, Eric Trump echoed his father’s bullish stance on the cryptocurrency. In a tweet, he stated that now is a great time to add $ETH, stressing its worth in the digital economy.

Community Debate: Help or Hindrance?

But not everyone’s thrilled. While some, like Raman, believe that Ethereum’s technological progress can coexist with political endorsements, others, like Lefteris Karapetsas, are wary. Karapetsas criticized the tie-up between the crypto world and politicians, saying that Ethereum’s strength comes from its decentralized nature and technological merit, not political support.

I see what you are trying to say Vivek but, a decentralized ecosystem thrives on accountability. That means calling out bad actors, grifters, and misleading narratives is part of its strength.

We’ve seen figures like this come and go before. There’s no paradigm shift here. A…

— Lefteris Karapetsas | Hiring for @rotkiapp (@LefterisJP) February 3, 2025

According to Karapetsas, Ethereum’s long-term success depends on its use cases, ongoing development, and innovation, not on short-term market bumps driven by political figures. Karapetsas warned that the rush to align with politicians could hurt the integrity of the decentralized network.

World Liberty Financial and Market Moves

Further fueling the discussion, a report from Fortune spotlighted World Liberty Financial’s growing investment in Ethereum, with sources confirming that the project’s treasury is mostly composed of Ethereum and Bitcoin derivatives.

As the Trump family buys up millions of dollars in Ethereum, speculation about a national Ethereum reserve in the U.S. has grown. Polymarket bettors now give it a 22% likelihood of happening by 2025, an increase from just two weeks ago.

Ethereum Price: Up and to the Right

Following this news, Ethereum has posted a price increase of 13.26% within the last day, trading at $2,797.96 at the time of writing. With a market capitalization of $337.22 billion, Ethereum holds a strong presence in the market, even though trading volume has dipped a bit.

Further, the current circulating supply stands at 120.52 million ETH, with a fully diluted valuation of $337.33 billion, showing the cryptocurrency’s market value.

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