‘Crypto is the Future,’ Says Trump, but WLFI Token Initial Sale Falls Short of Target

‘Crypto is the Future,’ Says Trump, but WLFI Token Initial Sale Falls Short of Target
‘Crypto is the Future,’ Says Trump, but WLFI Token Initial Sale Falls Short of Target

Former U.S. President Donald Trump launched his highly anticipated cryptocurrency project, World Liberty Financial (WLFI), with the promise that “crypto is the future.” Despite Trump’s influence and the excitement surrounding the project, the WLFI token sale has struggled to meet expectations.

After raising $5 million in its first hour, the momentum quickly slowed due to technical issues and platform glitches. As of Tuesday evening, the project had only raised $9.15 million—far short of its ambitious $300 million goal, which aims to sell 20% of the total token supply.

WLFI Token Sale Stumbles

The initial token sale, which kicked off around 8:40 a.m. ET, saw a promising start, with $5 million raised in the first hour. However, the excitement soon waned as the WLFI platform suffered significant downtime due to an overwhelming surge in traffic. Sandy Peng, a WLFI advisor and co-founder of Scroll blockchain, revealed that the platform received 72 million unique visits within the first hour, far exceeding expectations, which caused the site to crash repeatedly.

By the end of the day, only 344 million tokens had been sold, representing a mere 1.7% of the 20 billion tokens available for purchase. Each token, priced at $0.015, serves as a governance tool, allowing holders to vote on future changes to the platform. However, the tokens are non-transferable for the first year, limiting liquidity and investor interest.

Mixed Reactions to Trump’s WLFI Project

Although Trump positioned World Liberty Financial as a significant step toward mainstream crypto adoption, the project has faced skepticism from some in the crypto community. Critics have pointed out that its association with Trump may have damaged investor confidence.

Alex Miller, CEO of Web3 platform Hiro, dismissed the sale as an “obvious pump scheme,” accusing Trump of using his influence to push a project that may not serve investors’ best interests. Similarly, Bitcoin advocate Max Keiser argued that Trump “failed the Bitcoin IQ test,” implying that the former president doesn’t fully grasp the intricacies of the cryptocurrency market.

Despite these criticisms, Trump’s influence has helped boost Bitcoin’s price by roughly 15% in October, and his involvement in WLFI continues to fuel debate about his impact on the crypto industry. Additionally, Trump has maintained strong support in the 2024 presidential race, leading his opponent Kamala Harris by 10 points.

Website: CentBit.Online – Crypto & Blockchain Expert Bangladesh

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