In a surprising turn of events, the cryptocurrency project backed by former President Donald Trump, World Liberty Financial (WLFI), has stumbled out of the gate. Despite aggressive promotion by Trump and his family, the project has managed to raise only 4% of its $300 million presale target within the first 48 hours.
According to Dune Analytics, approximately $12.46 million worth of the platform’s WLFI governance token has been sold to date. This falls significantly short of the ambitious goal announced earlier. While nearly 12,000 sales have been recorded, only 9,881 unique wallets have participated, suggesting a lack of widespread investor enthusiasm.
The slow start has raised eyebrows within the cryptocurrency community, particularly among those who are critical of Trump’s involvement. Adam Cochran, a cryptocurrency market observer and Trump critic, questioned the project’s viability, stating, “If you think ‘the markets’ favor Trump being president, why aren’t accredited investors lining up to buy this project?” Cochran’s comment highlights the disconnect between the project’s high-profile backing and its underwhelming performance.
The WLFI team has yet to provide a statement regarding the slow start, fueling speculation about the reasons behind the project’s struggles. Some experts point to the non-transferable and non-yielding nature of the WLFI token as a potential deterrent. Unlike traditional cryptocurrencies, investors cannot speculate on the price of WLFI in the market, limiting its appeal to those seeking purely speculative investments.
Additionally, the project’s focus on preserving the supremacy of the U.S. dollar through dollar-backed stablecoins, rather than speculative assets like Bitcoin, might not resonate with the broader cryptocurrency community. This approach could be seen as a conservative strategy that prioritizes stability over growth, a proposition that may not be attractive to many crypto enthusiasts.
Despite the disappointing start, the WLFI team has reiterated its commitment to the project’s core principles, aiming to establish a stable and secure decentralized finance (DeFi) platform. It remains to be seen whether the project can gain traction and achieve its stated goals, but the initial lack of momentum raises concerns about its long-term viability.
The slow start of the WLFI project is a reminder that even with high-profile backing, success in the volatile world of cryptocurrency is far from guaranteed. Investors are increasingly cautious about new projects, particularly those associated with controversial figures, demanding a high level of transparency and a clear value proposition before committing their funds.