Donald Trump’s WLFI Token Drops 20% on Launch Day: Here's What Happened
Donald Trump's foray into decentralized finance (DeFi) with World Liberty Finance (WLFI) has encountered a rough start, as the token's presale raised just $12 million, a small fraction of its ambitious $300 million goal. Despite branding himself as the "Crypto President," the WLFI token suffered a 20% drop within its first 24 hours on the market. Investor concerns are mounting due to the token’s non-transferable status and its indefinite lock, which have cast serious doubts on the project’s long-term viability.
Adding to the controversy, many within the crypto community are criticizing WLFI’s structure, with some arguing it contradicts key principles of cryptocurrency. The indefinite lock on the token has left investors uncertain about when, or if, they’ll be able to access their funds. Critics, including Bitcoin advocate Max Keiser, have voiced concerns, suggesting Trump may have misunderstood core concepts of crypto. Others have even accused the project of an insider “rug pull” on day one, further fueling skepticism.
This rocky launch comes as Trump has vowed to remove crypto skeptic Gary Gensler from his role as SEC chair if re-elected. However, with WLFI’s lackluster performance and growing investor unease, Trump’s entry into the DeFi space is facing significant challenges before it can truly gain traction. Whether this will become a lasting setback for his crypto campaign remains to be seen.
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