Trump-backed WLFI token sale falls short, raising just $5 million in first hour

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Cryptobriefing2024/10/15 16:36

By:Cryptobriefing

Key Takeaways

Trump-backed WLFI token sale underperforms despite 344 million tokens sold.
WLFI aims for a $1.5 billion valuation on Ethereum.

The Trump family-backed World Liberty Financial (WLF) token sale launched earlier today, raising only $5.5 million in its first hour.

Over 344 million WLFI tokens were sold to nearly 2,900 wallets during the sale, but the total raised fell significantly short of the platform’s ambitious $300 million goal.

A wallet linked to the sale holds $4 million in ETH and $1.45 million in stablecoins, but the slow fundraising surprised many given Trump’s backing.

WLFI was designed as a governance token for the World Liberty Financial platform, enabling users to engage in DeFi activities like borrowing, lending, and creating liquidity pools.

Still, the token’s early performance is notably weaker compared to less substantive projects that have raised far more in token sales despite having little to no utility.

The WLFI sale had whitelisted over 100,000 accredited US investors, yet even this level of access didn’t translate into the anticipated financial success.

World Liberty Financial plans to release 100 billion WLFI tokens on Ethereum, aiming for a $1.5 billion valuation. However, the platform has fallen short at launch, as evidenced by the sluggish fundraising. Despite this, the Trump-backed project continues to be a focal point in both the crypto market and political arenas.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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