The Trump family’s token project, World Liberty Financial, debuted in a very weak fashion on its first day, reaching just 4% of its $20 billion sales target while the website itself – crashed.
Amidst all the fanfare and a promotional drive led by Donald Trump, sales have netted close to $11 million since it launched quietly on Tuesday at 12:40 UTC, having sold just over 792.36 million tokens.
World Liberty Financial Token Sale Crashes and Fails to Gain Traction
A new cryptocurrency venture, World Liberty Financial, backed by Donald Trump and his family ran into serious issues from the outset early Tuesday. This includes several website crashes that limited user access in the crucial first hours.
Although the platform was down for most of the first few hours, it could attract close to 2,900 investors. Some 344 million WLFI tokens were sold to around 3,000 unique wallets in the first hour. The project has since gained some 6,000 more holders, per Etherscan data.
That project saw its token buys increase by over 180M after Trump announced the World Liberty Financial token sale. Unfortunately, that has yet to translate into any significant momentum. At a current price of $0.015 per token, buyers are averaging less than $1,000 in purchases. That represents a small amount at the least and not precisely indicative of high-stakes interest.
An Ethereum wallet attributed to the project holds more than $8 million in ether and nearly $3 million in a mix of other tokens, mainly stablecoins. That’s a tepid reception, to say the least, for a space where even meme coins and others are gaining millions within days, if not hours, of their launch. The project could raise $300 million at a $1.5 billion valuation.
WLFI Token Faces Lack of Interest Due to Restrictions
Part of the subdued enthusiasm might come from the nature of the World Liberty Financial token itself. It is designed as a non-transferrable governance token on the platform. Also, DeFi functions of borrowing, lending, and providing liquidity pools are not alluring to investors looking at quick profits.
Because of this, it significantly restricts the WLFI token’s desirability as an investment. Since one cannot speculate on its value and then sell it at a later date for a higher value, this has dampened enthusiasm for the token. First among quitters were investors seeking quick returns on their investments.
World Liberty Financial closely aligns with Donald Trump’s campaign, which vows to place America at the crypto forefront. That means if he wins the election in November.
Most traders view a potential Trump victory as good news for the crypto space. When weighed up against the current administration under not-so-crypto-friendly Kamala Harris, Trump is presently favored to win. Polymarket odds stand at 59% for Trump and to 40% for Harris.
Teuta
Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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