Donald Trump's venture into decentralized finance through World Liberty Finance (WLFI) has started on a shaky footing, with its token presale only securing $12 million, which is just 4% of its $300 million goal. Despite Trump's ambitious branding as the "Crypto President," the WLFI token has struggled in the market, experiencing a 20% drop in value within the first 24 hours. This has led to worries among investors due to the token's inability to be transferred and its indefinite freeze, casting doubts on the project's future success.
Adding to the controversy, the crypto community is criticizing WLFI's questionable setup, with some arguing that it contradicts fundamental principles of the cryptocurrency world. The token is currently frozen indefinitely, with no timeline for its release, leaving investors in a state of uncertainty. Critics such as Bitcoin advocate Max Keiser have suggested Trump might have failed a "Bitcoin IQ test," while others have accused the project of a premature shutdown by insiders, further escalating the controversy.
This launch occurs at a moment when Trump had pledged to remove crypto critic Gary Gensler from his position at the SEC if he were to be re-elected. However, with WLFI's underwhelming performance and investor doubts, Trump's entry into DeFi appears to be encountering significant challenges before it can even get off the ground. Will this be a major setback for his crypto campaign? The answer remains to be seen.
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