According to CoinGlass, open interest in WLFI reached $950 million at the start of trading on September 1, later decreasing to $887 million. The metric rose 34% over the past 24 hours.
Open Interest and Trading Volume
At the same time, derivatives trading volume for WLFI jumped 535% to $4.54 billion. This made WLFI the fifth-largest derivative asset on the market over the past 24 hours.
The token’s price hovers around $0.34, down from a local high of $0.40 reached last week.
Potential Market Cap and Unlock
With a total supply of 100 billion tokens, WLFI’s fully diluted valuation at the current price would be around $34 billion. This is comparable to the market capitalization of TRON and Dogecoin and could place WLFI ninth among the largest cryptocurrencies.
Around 5% of the supply – approximately 5 billion tokens – is scheduled for unlocking. Based on circulating supply, this puts the market cap at around $1.7 billion.
Exchange Activity
Most WLFI trading volume came from Binance, which handled $2.22 billion in trades over 24 hours and 10.5 million transactions. Binance also controls nearly half of the open interest, or $436.5 million.
OKX ranked second with $917.5 million in trading volume and 1.1 million transactions.
Token Sale History
In October, World Liberty sold 20 billion tokens at $0.015 each, raising $300 million. These tokens were available only to accredited U.S. investors, and the sale closed in January.
In March, the company held a second round, selling 5 billion tokens at $0.05, 230% higher than the first round. This raised another $250 million. Altogether, the project has attracted $550 million.
Twenty percent of early-purchased tokens will unlock on September 1 at 8:00 AM New York time (12:00 UTC). The decision was made following a community vote in July.
WLFI was initially designed as a governance token for a future exchange and lending platform on Ethereum. However, after community approval, it entered public circulation.
Trump Family Involvement
The World Liberty website lists Donald Trump as Chief Crypto Advocate. His sons Barron, Eric, and Donald Trump Jr. are named as Web3 Ambassadors. A company connected to the family receives 75% of the protocol’s revenue.
Criticism of the Project and Trump
California Governor Gavin Newsom announced the launch of a satirical memecoin called Trump Corruption Coin. He said the initiative is part of the Campaign for Democracy, aimed at supporting electoral reforms.
In the Pivot podcast, Newsom described the coin as a direct response to Trump’s involvement in crypto initiatives and memecoin projects.
“We just want to draw more attention to the absurdity of what’s happening,” the governor commented.
He added that he considers Trump “one of the greatest fraudsters of our time.”
Read Also:
- ALT5 Sigma to Raise $1.5 Billion to Create Crypto Reserve With WLFI
- Binance Launches Trading for USD1 Stablecoin by WLFI
- Most Investors in Trump’s Crypto Projects Are in the Red, Senate Launches Investigation
This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.