- Republican candidate Donald Trump completes WLFI presale at $12M.
- World Liberty Finance’s ironically restrictive nature scares off investors.
- Both candidates distanced themselves from legal “crypto persecution.”
Republican Presidential candidate Donald Trump stunned the crypto sphere with his decentralized finance project, World Liberty Finance (WLFI). However, the grandiose DeFi project’s native crypto token WLFI is not meeting expectations, as the token presale scored just 4% of the set goal.
Trump’s Crypto Bucket Only 4% Full
Only $12M of the $300 million target was raised, even though the first $30 million is reserved for the so-called decentralized finance (DeFi) project’s expenses. This sparked a bearish price reaction upon WLFI’s arrival on the open markets, as CoinMarketCap reported a 20% drop in price over 24 hours.
According to Crypto.Com, the WLFI token is priced at $0.0000000000001954 and capped at 20 billion coins. While Trump is pitching himself as the “Crypto President,” it’s noteworthy that WLFI tokens are non-transferable until further notice.
WLFI Goes Against Crypto Principles?
The purchase contract states, “All $WLFI tokens are non-transferable and locked indefinitely in a new wallet or smart contract. Until such time, if ever $WLFI, are unlocked through protocol governance procedures in a fashion that does not contrive applicable law.”
This approach is abnormal in the crypto market, making Bitcoin Maxis like Max Keiser believe that Trump ultimately failed the “Bitcoin IQ test.” Once the pre-sale stage is complete, tokens are usually freely transferred regardless of whether they land on major crypto platforms.
Previously, Trump raised $12 million in a Silicon Valley presidential fundraising campaign, garnering him the conservative-leaning San Francisco vote.
While Trump promised to remove crypto antagonist Garry Gensler from the Chair position at the U.S. Securities and Exchange Commission (SEC), Kamala Harris made a similar move, distancing herself from Elizabeth Warren. The senator voted to impose dubious anti-money laundering laws on the general crypto mining sector.
On the Flipside
- Some crypto analysts believe that Donald Trump’s active involvement in the crypto sphere has contributed to Bitcoin’s (BTC) ride towards $68K this ‘Uptober,’ despite the WLFI project lacking an integrity standard.
Why This Matters
Presidential candidates are seeking support in the tech industry, potentially focusing on crypto policies, which have been under fire since the FTX and Terra Luna fiascos in 2022.
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