Trump-endorsed WLFI falls short of $300m target

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As a seasoned crypto investor with more years under my belt than I care to admit, I’ve seen countless launches and crashes in this ever-evolving market. The debut of World Liberty Financial (WLFI), backed by the Trump family, has left me both intrigued and slightly skeptical.

In simpler terms, the decentralized finance initiative called World Liberty Financial, which is supported by the Trump family, has managed to sell just 4% of its publicly offered tokens due to technical issues that delayed its initial release.

24 hours after WLFI’s debut, the asset protocol backed by Trump managed to gather approximately $11 million by offloading around 800 million tokens to investors. The goal was to amass $300 million by selling a total of 20 billion tokens, with sales commencing on Tuesday, Oct. 15. However, technical glitches on the website and fraudsters posing as WLFI initially hampered the project’s successful launch.

Nonetheless, information from Etherscan showed that countless investors were drawn to the DeFi project backed by Donald Trump. Although it had a gradual launch, approximately 3,000 distinct wallets managed to acquire almost 350 million WLFI tokens within the initial hour.

At the time of publication, approximately 9,300 individuals held tokens from the WLFI project. However, before its launch, the project had announced that it had over 100,000 potential investors on its whitelist. Some might view the initial user turnout as underwhelming, considering the relatively small number of participants compared to the pre-launch expectations.

As a researcher, I’ve noticed an intriguing trend this year: Meme coins launched on blockchain platforms such as Solana (SOL) have astonishingly reached hundreds of millions in market capitalization just hours after their launch. This rapid growth is quite remarkable.

It’s puzzling why World Liberty Financial didn’t get off to a strong start, but hints might be found in the way their tokens function. The WLFI coins cannot be transferred, which limits opportunities for determining their value and online trading based on guesswork.

Instead, this governance token empowers its holders to make loans, supply liquidity, and facilitate borrowing, along with various other actions in the decentralized finance (DeFi) sector. World Liberty Financial decided to align itself with Trump’s pro-cryptocurrency campaign following the former U.S. President’s apparent acceptance of the industry that he had previously criticized.

Approaching the upcoming election, the GOP candidate has disclosed intentions to make the United States a leading hub for cryptocurrencies, establish a national Bitcoin (BTC) reserve, and foster advancements in blockchain technology.

Despite lingering uncertainties, there are those who see a potential Trump win as beneficial for the growth of cryptocurrencies. This optimistic stance is evident on social media platforms and forecasting sites such as Polymarket.

According to crypto.news, Donald Trump has seen his largest advantage against Democratic nominee Kamala Harris on the betting platform Polymarket. The most recent data from this Ethereum-based wagering service indicates that Trump’s chances of victory have increased even more, as he now stands at 59.5%, while Harris is at 40.5%.

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2024-10-16 20:32