The Trump family’s WLFI Token is currently experiencing mere untrammeled volatility after a bumpy beginning. Within days of its launch on September 1, the token dropped over 40%. To stabilize its price amid severe selling pressure and sharp criticism from Senator Elizabeth Warren, the WLFI team burned tokens worth approximately $11.34 million.
WLFI Token’s Bumpy Beginning
On its debut, WLFI generated an astonishing $6 billion worth of trades on Binance and had a market cap of nearly $10 billion. The hype was brief, however, as the presale investors started selling their tokens, and the price plummeted. The WLFI Token dropped to near $0.22, a staggering drop from all-time highs.
As per CoinGecko statistics, the price of the token has been extremely volatile ever since it was put in the market. On September 3, the team burned 47 million WLFI tokens in a deliberate attempt to curb the sell-off and reduce circulating supply. They described this as an “intentional supply squeeze” to support the token’s market position.
Criticism of WLFI by Elizabeth Warren
Elizabeth Warren heavily criticized the WLFI company as “corruption.” She questioned her concern regarding Trump’s family being within the world of cryptocurrency with their massive investment in WLFI, which at one time reached over $5 billion. Warren’s position is that current regulations are pro-wealthy individuals like Trump and that this makes conflict of interest scenarios.
Warren has been a long-time proponent of strict controls in the cryptocurrency market. Moreover, she recently blasted proposals as they place corporate interests over safeguarding the economy. This is a sign that the concern in the politics versus financial market relationship is growing.
Market Response and Future Outlook
The market capitalization of the WLFI Token is currently around $5.61 billion, with its price fluctuating at around $0.22. Even after the recent burning, the token price has failed to stabilize as anticipated. Traders are observing the trend of trading closely, and in their observation, they realize volatility might be continuing as investors and sceptics react to recent happenings.
The WLFI team strives to prioritize community engagement, valuing early retail supporters more than insiders. They however, continued that they have sold no founder or team tokens so that investors won’t be concerned that selling pressure will come only from presale participants.
While the team attempts to base its price with enormous token burns, the future of WLFI hangs in the balance. Regulators and investors are closely watching as politics and cryptocurrency collide, with the outcome yet to unfold.
