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Home»ALTCOIN NEWS»Donald Trump’s WLFI Token Drops 20% on Day 1: Here’s Why
ALTCOIN NEWS

Donald Trump’s WLFI Token Drops 20% on Day 1: Here’s Why

By Crypto FlexsOctober 18, 20243 Mins Read
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Donald Trump’s WLFI Token Drops 20% on Day 1: Here’s Why
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  • Republican candidate Donald Trump has completed a $12 million WLFI pre-sale.
  • World Liberty Finance’s ironically limited nature scares away investors.
  • Both candidates distanced themselves from legal “cryptocurrency persecution.”

Republican presidential candidate Donald Trump surprised the cryptocurrency industry with his decentralized finance project, World Liberty Finance (WLFI). However, WLFI, the native cryptocurrency token of the massive DeFi project, is falling short of expectations, with token pre-sales reaching only 4% of the set target.

Trump’s cryptocurrency bucket is only 4% full.

Only $12 million of the $300 million goal was raised, despite the first $30 million being reserved for the costs of so-called decentralized finance (DeFi) projects. WLFI’s arrival on the public markets sparked a bearish price reaction, with CoinMarketCap reporting a 20% price drop in 24 hours.

In just 30 hours, Trump’s WLFI presale raised $12 million, or 4% of the $300 million goal.

Trump will receive 75% of all profits, including pre-sale proceeds, but will set aside the first $30 million for expenses.

What’s wrong?

How much did he earn from pump fun? pic.twitter.com/TDVEp11MBk

— DB (@tier10k) October 16, 2024

According to Crypto.Com, the price of the WLFI token is $0.0000000000001954 and the maximum number of coins is 20 billion. Although Trump is touting himself as the “Crypto President,” it is worth noting that WLFI tokens are non-transferable until further notice.

Does WLFI violate cryptocurrency principles?

The purchase agreement states: “All $WLFI tokens are non-transferable and locked indefinitely in a new wallet or smart contract. Until then, $WLFI will be unlocked through protocol governance procedures in a way that does not invent applicable laws.”

This approach is unusual for the cryptocurrency market, leading Bitcoin Maxis like Max Keizer to believe that Trump ultimately failed the “Bitcoin IQ test.” Once the pre-sale phase is complete, tokens are generally freely transferable, regardless of whether they land on a major cryptocurrency platform or not.

Trump previously raised $12 million from his Silicon Valley presidential fundraising campaign to win over conservative San Francisco votes.

President Trump promised to remove cryptocurrency adversary Garry Gensler as chairman of the U.S. Securities and Exchange Commission (SEC), while Kamala Harris took similar action by distancing herself from Elizabeth Warren. Senators voted to impose vague anti-money laundering laws on the general cryptocurrency mining sector.

On the flipside

  • Some cryptocurrency analysts believe that Donald Trump’s active involvement in the cryptocurrency space has contributed to Bitcoin (BTC)’s $68,000 rise this year. ‘Uptober’ Despite the lack of integrity standards in the WLFI project.

Why This Matters

Presidential candidates are seeking support from the tech industry, potentially focusing on cryptocurrency policy, which came under fire in 2022 after the FTX and Terra Luna fiascos.

Check out DailyCoin’s top cryptocurrency news:

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