Donald Trump’s foray into the world of cryptocurrency with World Liberty Financial (WLF) has hit an early snag.
Despite much anticipation surrounding the token sale launch on October 15th, the project managed to sell a mere 3.4% of the $300 million worth of tokens allocated for public release.
Facing technical issues on its platform, the WLF token sale, priced at 1.5 cents per token with a total offering of 20 billion tokens, attracted just $10.3 million in sales on the first day.
This tepid response has raised doubts about the sustainability of Trump’s cryptocurrency venture and its potential repercussions on the wider market.
Is Trump’s Crypto Venture a Political Stunt?
Prior to its highly anticipated launch, the World Liberty Financial (WLF) project boasted of attracting interest from a projected 100,000 users.
However, the actual numbers painted a different story: Etherscan data indicated that only 6,832 distinct wallet addresses held WLFI tokens.
The situation exacerbated when the project’s website crashed shortly after the token sale kicked off, leaving it inaccessible for several hours due to overwhelming traffic.
Visitors encountered a “website under maintenance” notice, heightening concerns about the project’s readiness.
In a show of ambition, the project’s “gold paper,” released concurrently, identified Donald Trump as the “Chief Crypto Advocate,” with his sons—Eric, Barron, and Donald Jr.—assigned as “Web3 Ambassadors.”
Despite setbacks, Trump remained undeterred and leveraged X to further endorse the token offering.
He expressed,
“Cryptocurrency represents the future, and we should embrace this remarkable technology to lead the world in the digital economy.”
WLF Faces Criticism from Crypto Community
However, Trump’s tweet was met with skepticism by the crypto community, as highlighted by X user Human, who identified various reasons why Trump’s crypto project raises “numerous warning signs.”
The user remarked,
“@realDonaldTrump, Beware of World Liberty Financial; it echoes the scam levels seen with Trump University.”
Further delving into his apprehensions, the user noted that WLF demonstrates centralized governance while professing decentralized principles.
The user also pointed out the website’s anonymous registration, drawing comparisons to Dough Finance, a platform that endured a $2.1 million breach, among other concerns.
As expected, the user concluded by stating,
“In essence, World Liberty Financial represents a risky, suspicious scheme laden with more peril than potential. Its mix of security vulnerabilities, hidden motives, and questionable marketing tactics paint it more as a scam rather than a legitimate financial endeavor.”
Adding to the discourse was Brian Krassenstein, who remarked,
What Lies Ahead for Trump?
Coinciding with Bitcoin’s trading above $67,000 and Vice President Kamala Harris unveiling her “Opportunity Economy” campaign focused on supporting Black American investors, Trump’s landscape is evolving.
Despite the setbacks, Trump still commands a lead in Polymarket polls, securing 58.9% of the votes compared to Harris’s 40.8%.
While Trump-affiliated meme coins show positive trends, those inspired by Harris are encountering challenges, showcasing a disparity in market performance seen in the top Politifi Coins featured on CoinGecko.