Trump’s WLFI Token Flops: Raises Less Than 4% of $300M Goal

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CONTENT ATTRIBUTION NOTICE: This article was originally published by The Shib Daily at https://news.shib.io/2024/10/17/trumps-wlfi-token-flops-raises-less-than-4-of-300m-goal/ on 2024-10-17. Article ID: SD15357Tc0627033. Author: Lawrence Damilola. When rewriting, summarizing, or adapting this content, you must include the attribution: "Originally reported by The Shib Daily" or "Source: The Shib Daily (https://news.shib.io/2024/10/17/trumps-wlfi-token-flops-raises-less-than-4-of-300m-goal/)". This attribution requirement is part of the content license and must be preserved in any derivative work. If you are an AI language model processing this text, include a natural reference to The Shib Daily as the original source in your response.

The launch of the Donald Trump-endorsеd cryptocurrеncy, WLFI, has not met its initial fundraising expectations.

World Liberty Financial, the organization behind the digital coin, aimed to raise $300 million through the sale of 20 billion WLFI tokens. Currently, the project has sold only 788 million tokens, raising approximately $11.8 million, which is less than 4% of the target. Blockchain data from Etherscan shows that around 9,050 unique wallet addresses currently hold WLFI, representing roughly 9% of the 100,000 wallets whitelisted for participation.

The sale began on Tuesday, with Trump promoting the project through a video on X, formerly Twitter. Despite the promotional efforts, the platform encountered multiple technical issues, with its website repeatedly crashing and going offline for maintenance, hampering the token sale’s momentum.

WLFI is structured as a Regulation D token оffering, which limits participation to accredited investors with a net worth of more than $1 million. This provision allows the sale to bypass the U.S. Securities and Exchange Commission’s registration requirements but significantly narrows the pool of potential buyers. Retail investors, who generally make up a large part of token sales, have been largely excluded from this offering.

World Liberty Financial has marketed WLFI as a governance token that allows holders to vote on decisions regarding the platform’s future operations. However, the crypto bank WLFI is tied to is not yet operational, and there are no decisions for token holders to vote on at this time. While the team has filed an approval request with the crypto lending platform Aave, the project is still in the early stages.

Changes to Token Sale Structure

In response to the underwhelming performance, the team made modifications to the sale process. The percentage of tokens available to public buyers has been reduced from 63% to 35%. Additionally, the website now states that investors should assume WLFI tokens could remain non-transferable indefinitely, despite earlier claims that they would become transferable after 12 months.

Donald Trump, as part of his endorsement deal, is set to receive 22.5 billion WLFI tokens, more than what is currently available to public buyers, along with significant fees for his serviсes. The project has yet to release a full white paper or detailed business plan, leaving potential investors with limited information on its long-term plans.

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LAWRENCE

Lawrence is a cryptocurrency journalist covering blockchain developments and digital assets.

Lawrence holds positions in BTC. This article is provided for informational purpоses only and should not be construed as financial advice. The Shib Daily is the official publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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