At current price levels, the coin has a valuation of $6.62 billion, making it the 32nd largest cryptocurrency.
The World Liberty tokens, known as WLFI, dropped by over 12% in their first day of trading, marking a tepid start for the cryptocurrency backed by U.S. President Donald Trump.
According to CoinGecko data, the token was trading at $0.243 per piece at 3.22 a.m. ET after rising slightly above $0.30, shortly after the commencement of trading on Monday. At current price levels, the coin has a valuation of $6.62 billion, making it the 32nd largest cryptocurrency.
World Liberty Financial was launched last year, with the President’s sons Eric Trump and Donald Trump Jr., in prominent roles. Apart from the WLFI token, the company has also launched a stablecoin.
According to a CNBC report, President Trump and his family are set to receive 75% of the project’s net revenue. Separately, the Wall Street Journal reported that Monday’s launch boosted the president’s family’s paper wealth by as much as $5 billion.
Retail sentiment on Stocktwits about WLFI was in the ‘extremely bullish’ territory, while retail chatter was ‘extremely high’ at the time of writing.
Crypto investor Dennis Liu set a $1 target for the digital asset. In a post on X, Liu noted that coin has “fair liquidity across exchanges, gradual unlocks, and on-chain transparency.” He added that it reduces the risk of a “fake pump.”
However, not everyone was convinced about the growth story. Financial analyst Jacob King attacked the coin’s launch as a “blatant pump-and-dump scam.”
Previously, the TRUMP coin had soared over 30 times before crashing lower. Some retail traders on Stocktwits were assuring others that this might not be the case for WLFI.
“People letting emotions get the best of them here. You think the trump family is gonna put their name on the line for all to see? Then fail?” one investor said.
Later on Monday, World Liberty Financial proposed a token buyback and burn program, utilizing protocol-owned liquidity fees, which would reduce the number of tokens in circulation.
The Trump family’s involvement in the cryptocurrency industry has drawn criticism from Democratic Lawmakers, who have alleged a conflict of interest due to the president’s pro-crypto stance in policymaking. The White House has maintained that Trump’s assets have been placed in a trust controlled by his family.
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