Trump's Supported World Liberty Ethereum Token Launch: A Breakdown of the Events
World Liberty Financial, a decentralized finance project co-founded by President Trump and his family, along with U.S. special envoy to the Middle East Steven Witkoff and other investors, debuted its Ethereum token for trading on Monday. The WLFI token, originally sold as a non-transferable governance token, has since been trading on several major centralized exchanges, including Gate, Bybit, and Binance.
The token's debut came on Labor Day for Americans, with Eric Trump, co-founder of World Liberty Financial, expressing optimism about the project's future on Twitter. Donald Trump Jr., another co-founder, announced the launch of the WLFI token.
The WLFI token has been making waves in the crypto market. It is currently the sixth largest stablecoin by market cap, according to CoinGecko, with a market cap of $7.6 billion. Early buyers of the WLFI token could today realize a gain of over 1,700%. However, President Trump has earned $57.3 million from the crypto venture, and some lawmakers have criticized his crypto ventures due to apparent conflicts of interest.
World Liberty Financial's prediction market, Myriad, is currently predicting a downward trend for WLFI token. Myriad users believe there is a 66% chance that there will be more red candles than green in the first 69 hours of WLFI's life. On CoinGecko, WLFI is the 30th largest token by market cap.
It's worth noting that World Liberty Financial's dollar-pegged stablecoin, USD1, is the sixth largest stablecoin by market cap, according to CoinGecko. The project has yet to launch its crypto lending and borrowing service, but the WLFI token is still trading for around $0.265.
The founders of World Liberty Financial include Donald Trump, his sons Eric and Donald Jr., as well as Trump's special envoy Steve Witkoff, his sons, and other investors. Justin Sun, founder of Tron, has been a significant early investor and advisor in the project.
Over $8.51 million worth of long positions on WLFI have been liquidated so far today, but no new information about liquidated long positions on WLFI was provided in this paragraph.
The optimism surrounding the project and the potential for significant gains have not deterred criticism from some quarters. As the WLFI token continues to trade, the future of this controversial crypto venture remains uncertain.
