Crypto | Oct 16, 2024
Image: World Liberty Financial (WLFI) on Coinmarketcap
Trump Supported WLFI Token Sale Raises $12M on First Day, Well Below $300M Goal
Donald Trump recently promoted the World Liberty Financial (WLFI) token, bringing attention to this new digital currency. However, the launch hasn’t gone smoothly and despite the initial buzz and Trump’s endorsement, the token sale only raised $12 million on its first day from about 3000 investors (mostly small amounts), far from the $300 million goal. Technical issues like it’s crashed website also slowed things down. The WLFI tokens are meant for governance within the platform and can’t be traded freely, which might have turned away investors looking to make quick profits.
See: Trump Family Launches ‘Defiant Ones’ Crypto Platform
- WLFI is a non-transferable governance token for the World Liberty Financial platform, letting holders participate in decentralized finance activities like lending.
- The token cannot be resold for a profit, which might explain why it hasn’t attracted many investors looking for quick returns. This means that once someone buys the token, they cannot trade or sell it on open markets.
- Trump’s support aligns with his broader campaign to position himself as pro-crypto, drawing attention to the project but despite the publicity, Trump’s endorsement hasn’t led to a significant increase in funds.
- There’s no evidence that Trump directly profits from the token, but his involvement could help strengthen his appeal with voters interested in crypto.
Closing Thought
The WLFI token sale shows how unpredictable the crypto market can be, even for projects with a lot of publicity. While it got some attention at the start, its long-term success will depend on whether it can adjust and attract more investors in a competitive market. How this plays out could impact not only the token itself but also Trump’s campaign as he positions himself as a supporter of digital assets. Harris has also published an agenda with a pro crypto stance but reactions have varied.
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