In just 24 hours after its launch, the Trump-supported real-world asset protocol, WLFI, raised approximately $11 million by selling under 800 million tokens to eager investors. The project aimed to generate $300 million by selling 20 billion tokens, starting on October 15. However, technical issues with the website and scammers posing as WLFI initially complicated the launch.
Despite these setbacks, data from Etherscan shows that thousands of investors were drawn to the Trump-endorsed DeFi initiative. In the first hour alone, around 3,000 unique addresses purchased nearly 350 million WLFI coins.
By the time of this report, WLFI had about 9,300 token holders, a far cry from the 100,000 whitelisted investors touted pre-launch. While some might see this as a lackluster debut, especially when compared to other meme coins that have skyrocketed to hundreds of millions in market cap within hours, there are several factors to consider.
One potential reason for WLFI's slow start could be the token's unique dynamics. WLFI coins are non-transferable, limiting opportunities for price discovery and on-chain speculation. Instead, the governance token enables holders to engage in lending, providing liquidity, and executing borrowing activities, among other DeFi functions.
World Liberty Financial has aligned itself with Trump’s pro-crypto campaign, especially as the former U.S. President has shifted from criticism to endorsement of the cryptocurrency sector. With less than a month until the election, Trump has outlined plans to position the U.S. as the global crypto capital, establish a national Bitcoin reserve, and promote blockchain innovation.
While skepticism remains, many believe that a Trump victory could positively impact cryptocurrencies. This sentiment is reflected in social media discussions and prediction markets like Polymarket, where Trump's odds of winning have increased. According to the latest data from the Polygon-based platform, Trump now holds a 59.5% chance of winning compared to Democratic candidate Kamala Harris at 40.5%.
