Trump hypes crypto future while WLFI Token Stumbles with $9M First-Day Sales
TL:DR Breakdown
- World Liberty Financial managed to sell 610 million WLFI tokens since the public sale kicked off Tuesday morning.
- The website couldn’t keep up and choked under the pressure but issues were resolved.
World Liberty Financial, the DeFi protocol backed by none other than Donald Trump and being hyped in the U.S.A and across the world, opened the public sale of its token, WLFI on Tuesday morning. By 7:25 p.m. ET, they’d sold off 610 million WLFI tokens—leaving around 19.4 billion tokens still up for grabs. Each token was priced at $0.015, that’s about $9.15 million in sales so far.
The website experienced a bit of a meltdown during the 8-9 a.m. ET rush, with multiple slowdowns resulting from the sale’s massive traffic.
WLFI’s initial sale aims to raise $300 million, selling off 20% of its total token supply at a $1.5 billion fully diluted market capitalization, this is according to the token’s roadmap that was recently shared with interested investors.
WLFI is pegged as a governance token—where holders will be granted power to vote on the future of the DeFi platform. However, the downside of the protocol is that investors won’t be able to transfer the tokens atleast for the first year, so you’ll be sitting on them for quite a while.
According to co-founder Zak Folkman, over 100,000 eager beavers signed up for the whitelist since going live at the end of September.
Oh, and here’s the kicker: World Liberty Financial isn’t just another DeFi project; it’s co-founded by Steve and Zach Witkoff, Folkman, and Chase Herro, and claims Donald Trump is its “chief crypto advocate,” with Donald Jr., Barron and Eric all jumping in as web3 ambassadors.
(No One: “Family business, anyone?”)
On Tuesday evening, U.S Presidential aspirant Donald Trump posted on X, “Big news! The World Liberty Financial token sale is now live,” urging the world that crypto is the future and we should all embrace it.
The post elicited mixed reactions from social media users with some praising the project and several others claiming the project does more harm than good for the industry.
Meanwhile, Bitcoin’s had a nice little 15% bump in October, and analysts at Bernstein suggest we can thank Trump’s rising election odds over Kamala Harris for that.
Perfect example of crypto markets powered by political action.