The Trump family-backed World Liberty Financial (WLFI) token plunged deeper into misery on Wednesday, as investors continued to sell out after initial gains.
WLFI Fails To Recover
WLFI, the governance token of the decentralized finance platform, dived over 14% over the last 24 hours, according to CoinMarketCap. The trading volume fell 38%, indicating reduced liquidity to absorb selling.
The coin's open interest declined 11% in the 24-hour period, according to Coinglass. Moreover, the Long/Short ratio fell to 0.88, signaling lower bets in favor of the token.
Since its trading debut on Monday, the coin has crashed 36%, and more than 55% from the peak of $0.46. The decline has wiped out over $3 billion in the coin's market capitalization.
See Also: Elizabeth Warren On Trump Family’s Unrealized $5 Billion World Liberty Token Gains: ‘Corruption, Plain and Simple’
The Trumps Gain A Windfall Through WLFI
The WLFI token has been making headlines since its debut on Monday. Within minutes of entering circulation, the coin’s value peaked at $0.46. But the gains were reversed as quickly.
The coin’s initial circulating supply at launch was 24.67 billion, out of which only 4 billion was made available for public sale. The remaining 80% of tokens, held by founders and insiders, is subject to unlocking schedules.
The token's trading debut reportedly boosted the Trump family's wealth by $5 billion, potentially making it their most valuable asset. Entities linked to the family own nearly a quarter of all WLFI tokens.
Price Action: At the time of writing, WLFI was exchanging hands at $0.1917, down 14.28% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: T. Schneider on Shutterstock.com
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