World Liberty Financial Initiative (WLFI) Wraps Up Its Token Sale, Raising a Staggering $590 Million

World Liberty Financial Initiative (WLFI), the cryptocurrency project backed by former US President Donald Trump, has wrapped up its token sale, raising a staggering $590 million.

World Liberty Financial Initiative (WLFI), the cryptocurrency project backed by former US President Donald Trump, has completed its token sale, raising an impressive $590 million. This achievement places WLFI among the top ten largest token sales in history, according to data from ICODrops.

While the project’s initiative to promote US dollar-pegged stablecoins and enhance decentralized finance (DeFi) has been a central focus, WLFI’s tokens were available exclusively to accredited investors, subject to strict limitations that prevent public trading or transfers. So far, no timeline has been set for an exchange listing, making the WLFI tokens largely inaccessible to the general public.

Initially launched for public sale on October 15, WLFI targeted a fundraising goal of $300 million. The sale included 20 billion tokens priced at $0.015 each. However, interest was tepid, resulting in the sale garnering only $11 million from 766 million tokens sold. As a result, the project was compelled to reduce its fundraising goal to $30 million.

The sentiment around WLFI shifted positively following the surge of interest in Trump-themed meme coins, such as Official Trump (TRUMP) and Official Melania (MELANIA). By January 20, the initial sale concluded with only 20% of the total token supply sold.

Acknowledging an uptick in interest, WLFI subsequently released an additional 5 billion tokens at $0.05 each. These tokens were nearly sold out by March 13.

According to reports, the project’s adjusted fundraising goal of $300 million was reached after selling 12.8 billion tokens at an average price of $0.023.

Notably, a significant investor in WLFI is Justin Sun, the founder of Tron. He made headlines by purchasing $30 million worth of tokens in late November, securing the largest individual investment stake at that time.

In tandem with its token sale, WLFI is grappling with a challenging market, as revealed by Lookonchain. The crypto analytics platform reported that the initiative’s portfolio of nine crypto assets has experienced a decline of $124 million. The most substantial losses have come from Wrapped Bitcoin (wBTC), Aave (AAVE), and Tron (TRX), driven largely by the recent volatility in the cryptocurrency market.

WLFI’s portfolio is heavily invested in Ethereum, which constitutes 65% of its total holdings. The firm purchased ETH at an average price of $3,240 per token, but with the current price plummeting to approximately $1,900, the depreciation has significantly impacted WLFI’s overall financial standing.

This scenario underscores the volatility inherent in the cryptocurrency markets, even as initiatives such as WLFI seek to revolutionize the finance landscape through its new funding and governance structures.

The above is the detailed content of World Liberty Financial Initiative (WLFI) Wraps Up Its Token Sale, Raising a Staggering $590 Million. For more information, please follow other related articles on the PHP Chinese website!