The buzz around $WLFI is picking up as we approach today's token release. Open interest shot up to almost $950M (now sitting around $887M), which is a crazy 45% increase in just a day. Daily trading volume skyrocketed 535% to hit $4.54B, making WLFI one of the top five crypto contracts being traded right now.
Today, about 5% of the token supply is set to unlock, and it's already leading to some wild price movements. Spot trading has kicked off, with WLFI hovering around $0.3050 and hitting a local high of $0.7.
This unlock might be a significant test for political-themed tokens in the DeFi space. What do you all think?
WLFI is now trading between 0.25 - 0.3 range, which is proving it passed the test for the political token to exist. Yet, the backer of the political token would be greatly impacting how stable the price of such token in the market. It means the only a political token that backed by big name such as Trump as US president that would be performing well.
I don't think a defi political token that backed by Nancy or Bidden would be performing as good as this. Pre sale buyers got it between 0.015 - 0.05 range, and now it's trading multiple times than the pre sale price. It's such a massive return, right?
Regardless of whether the project was backed by Trump and his family, or involved well-known market makers like Jump and GSR from the very beginning. We should also stay away from new projects listed like this, especially those involving the Trump family. We should not forget what they did to TRUMP and MELANIA tokens, and if I remember correctly they were down 70%-80% from their all time highs. I don't think they can recover, grow and hit ATH again.
Also, over 20% of the token supply will be unlocked today, not 5% and with a circulating capitalization of over 6 billion. It's really not that interesting to care about at this point.
How is that even possible? Isn't it the smart contract that creates the tokens and determines when and how many get unlocked? I was sure that not even Trump could interfere in matters like that!
True, they are trying to cash grab majority of the crypto space. Remember the TRUMP token in SOL? well, it turns out to be a slow RP which is bad for new traders.
They knew how market manipulation works and they're taking advantage of every possible piece they have in their hands.
Just saw that they'll burn some WLFI about 47m tokens and not just once, https://x.com/worldlibertyfi/status/1962648359681839381?t=lUMqhkRF7wUWfZ0O5fxbyQ&s=19 and yes those that got pre sale are up 10x or so, that's a good investment.. price tanked to 0.2 post launch but it's back to 0.25. just bought too, to add to my portfolio & also keep up with the ongoing candybomb event on Bitget, let's see if I'll be lucky to accumulate..
I do not invest in WLFI and do not intend to invest in the future so I do not know the token unlock schedule. But according to CoinGecko, the project's total supply is 100B and more than 27B are already in circulation. That means 27% of the supply has been unlocked, not 20% as I mentioned earlier.
Modifying the smart contract to increase supply or modify the token unlock schedule is quite complicated but not impossible. That will depend on the original design as well as the blockchain it is deployed on. That's why altcoins have never been reliable.
How many times do people need to get scammed by these celebrity or political tokens for them to learn their lesson? Investing in this is a very bad idea.
For the presale participant, the token unlocked was 20% from the 20% total supply allocated for presale if i'm not mistaken.The rest are for strategic partner which honestly i don't have any idea about but I bet there are also some allocation for market makers.
So yes it's actually true but I doubt it's because smart contract modification honestly. The initial circulating supply is already predetermined even before the token went live.
I dont know why people buy tokens like this, they nearly always end up with a massive rug pull as soon as they launch. Who knows if it will ever even reclaim it's launch price. The only people who get guaranteed profits from these type of tokens are the people who were handed the pre-mined ones. If you bought it I wish you good ouck but this is not for me.