World Liberty Financial (WLFI), the newly launched decentralized finance (DeFi) platform backed by the Trump family, is facing significant price challenges following its WLFI token debut last Monday.
The platform has leveled serious accusations against an unnamed crypto exchange, claiming it has been manipulating user tokens to drive down prices. This situation has drawn particular attention towards crypto billionaire and Tron founder Justin Sun.
After the WLFI token launched, its price surged to an impressive $0.47 on September 1. However, the excitement was short-lived, as the token subsequently plummeted to a weekly low of $0.18, reflecting a staggering 61% decrease in value.
Notably, the platform has blacklisted Sun’s wallet, which includes $540 million worth of unlocked WLFI tokens that are now frozen, and 2.4 billion locked tokens that remain out of reach.
His support came with praise for President Donald Trump’s vision of establishing a new regulatory framework for digital assets, a move that has seemingly fostered increased interest in cryptocurrency adoption among major financial entities on Wall Street.
Featured image from DALL-E, chart from TradingView.com
