Trump-Endorsed WLFi ICO Fails to Meet Hype and Targets

• After all the excitement, the World Liberty Financial (WLFi) token, supported by the Trump family, has officially launched.
• Unfortunately, the launch was plagued by issues as sales missed targets drastically, and the platform experienced numerous crashes.
• Only 2% of the project’s goal of 20 billion tokens was sold at the launch.

WLFi Token Sale

On Tuesday, October 15, World Liberty Financial celebrated a significant milestone as its token offering drew considerable attention, involving notable figures such as Republican presidential candidate Donald Trump and his sons (Donald Jr., Eric, and Barron), alongside influential names in the Web3 space like Aave.

Regrettably, the decentralized finance (DeFi) token sale suffered a major setback. The platform was only able to distribute less than 2% of its 20 billion token goal to investors. According to on-chain data reported by Coindesk, about 2,900 investors took part, raising $4 million in Ethereum (ETH), $1.2 million in USDT, and $250,000 in USDC.

The lackluster performance of the token was primarily attributed to a series of technical issues and outages, which caused frustration for both the organizers and potential buyers. In light of this, Sandy Peng, WLFi’s advisor and Scroll co-founder, swiftly defended the token sale backed by Trump.

According to Peng, the overwhelming traffic stemming from high interest in the token resulted in the platform’s crashes. She mentioned the team had not anticipated an influx of “72 million unique visits in its first hour.”

Amid the controversy, the Trump family has remained noticeably silent on their social media platforms; this is a stark contrast to the buzz they created before the WLFi launch.

Current Status of WLFi Token

As of 8:00 PM UTC on Wednesday, WLFi has raised $57.3 million since its Tuesday launch, as per statistics from CoinMarketCap. This figure represents approximately 19% of its $300 million target.

In the meantime, WLFi has experienced a surge in transaction volume. In the last 24 hours, the trading volume of the token increased by nearly 390%, with around $2.45 million worth of the asset changing hands across crypto wallets.

During its initial hours, the WLFi token reached a peak of $0.00000011. However, it has since plummeted by over 95%, now sitting at approximately $0.000000005166.

It’s important to note that other tokens with the same name have emerged, garnering significant attention from buyers as well. One such token achieved a market cap of $1.24 million. Thus, buyers should exercise caution and ensure they confirm their intended purchases before proceeding to buy any crypto assets.

Moreover, buyers and holders of WLFi’s official token should be aware that this asset is non-transferable. World Liberty Financial has designed it exclusively as a governance token, enabling users to engage in DeFi platform activities, such as lending, borrowing, and creating liquidity pools.