World Liberty Financial, a crypto project linked to Donald Trump's family, has implemented measures to alleviate pressure on its WLFI token's price.
WLFI Token Burn
World Liberty Financial initiated a burn of 47 million WLFI tokens to reduce supply and stabilize prices. This reduction only accounted for 0.19% of the circulating supply, as around 24.66 billion WLFI tokens had already been unlocked. While the token peaked at $0.331, it has since declined by over 27%.
Trump Family Asset Increase
Following a significant unlocking of tokens, the Trump family now controls approximately $5 billion in WLFI. This occurred after 24.6 billion tokens were unlocked, significantly increasing the family's stake amidst rising market valuations. Despite earlier promises of token locks, this unlocking has notably raised their valuation.
Impact on Cryptocurrency Market
The launch of the WLFI token has sparked discussions regarding the state of the cryptocurrency market. Experts have noted that celebrity-backed projects might overshadow the importance of institutional adoption. Furthermore, WLFI's launch prompted a sharp increase in Ethereum transfer costs, highlighting existing infrastructure issues within Web3.
World Liberty Financial is taking steps to stabilize its WLFI token in the face of growing competition and pressure from short-term market players. While the Trump family's assets continue to rise, market participants remain wary of potential upcoming changes in this sector.
