WLFI Token Frenzy: Record Derivatives Activity Sparks Crypto Buzz
Just hours before a partial token unlock, open interest in contracts for the World Liberty Financial token, which is linked to the Trump family, approached $1 billion. Open holdings in World Liberty Financial (WLFI) token futures contracts were close to $950 million at the beginning of Monday, according to CoinGlass. After that, they dropped back to $887 million, although they were still up 45% from the previous day.
WLFI derivatives are now the sixth most traded cryptocurrency derivative in the last 24 hours, with a trading volume that has increased by more than 535% in the last day to $4.54 billion. After peaking at over 40 cents a week ago, the cryptocurrency is currently selling at about 34 cents on the majority of platforms.
WLFI Market Value Could Reach $1.7B After Token Unlock
With a total supply of 100 billion tokens, WLFI may have a completely diluted market value of $34 billion if its price stays at about 34 cents. With its whole market value, it would overtake Tron as the ninth-largest cryptocurrency. Given that both presently have market values under $32 billion, this would cause Dogecoin to fall out of the top 10. Based on the approximately 5 billion tokens that will be unlocked, WLFI’s market value, if its price holds, will be approximately $1.7 billion.
WLFI Community Vote Paves Way for Exchange Listings
On August 22, World Liberty announced that 20% of the tokens that its early backers had bought on September 1 at 8 a.m. New York time would now be unlocked. After a community vote in mid-July to permit WLFI to trade, this decision was made. Numerous sizable exchanges have stated that they will list tokens for trade, including Binance and Kraken. Tokens were initially intended to be used exclusively as a governance token for its future lending platform and Ethereum-based exchange. Through the sale of tokens, the company raised $550 million. To raise $300 million, it started selling 20 billion tokens in October for 1.5 cents apiece. The full sale was finished in late January, and the tokens were solely accessible to US accredited investors.
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