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The debut token sale for World Liberty Financial, the crypto project backed by Donald Trump, struggled to gain traction on launch, with only a small fraction of its WLFI tokens sold.
The WLFI token sale went live on Oct. 15 amid high traffic and much hype that helped trigger website crashes, but the sale failed to live up to expectations, netting only about $10 million.
After going live at 8:40 a.m. ET yesterday, the WLFI token sold over 344 million tokens to 3,000 unique addresses within the first hour at $0.015 a piece, raising a little more than $5 million.
*TRUMP’S WLFI PRESALE RAISES $5M IN FIRST HOUR
*WLFI SITE FACES ON-AND-OFF DOWNTIME, NO TOKEN PURCHASES IN LAST 8 MINUTES
— db (@tier10k) October 15, 2024
Multiple website outages marred the sale, hindering the buying process and frustrating potential investors. By 11:25 p.m. ET, only 610 million WLFI tokens had been sold out of the 20 billion set aside for the token sale, raising $9.15 million.
The situation wasn’t helped by a proliferation of fake WLFI tokens, of which there are at least seven on CoinMarketCap. One surged 178% while another has crashed 86%.
World Liberty Financial is a crypto venture backed by the Trump family that aims to leverage blockchain technology to create decentralized finance (DeFi) services as an alternative to traditional banking systems.
“We’re leading a financial revolution by dismantling the stranglehold of traditional financial institutions and putting the power back where it belongs: in your hands,” says the project’s website.
The token sale was highly anticipated, with over 100,000 whitelisted participants confirmed before the launch.
Donald Trump Takes To Social Media To Promote World Liberty Financial
Donald Trump took to social media to support the new project.
“Today’s the day!” the presidential candidate said in a post on social media platform X.
Today’s the day! @WorldLibertyFi token sale is live. Get your $WLFI tokens now. Purchase $WLFI here: https://t.co/jg1tOaHHBy pic.twitter.com/j8ewxa13wp
— Donald J. Trump (@realDonaldTrump) October 15, 2024
The project calls Trump its “chief crypto advocate,” while Trump’s sons, Eric, Barron, and Donald Jr., are referred to as “Web3 ambassadors.”
The project’s website says the project is ”Inspired by Donald J. Trump,” and urges people to ”Be Defiant” and ”Shape A New Era of Finance.”
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