Trump-backed crypto investment firm World Liberty Financial has raised $590M in the $WLFI token sale.<\/p>\n
The total token supply is capped at 100 billion. Out of this, 20% of the tokens (20 billion) were made available for sale in October at a price of just $0.015.<\/p>\n
The initial sale experienced slow demand. However, after the launch of $TRUMP and $MELANIA, the Trump family\u2019s in-house meme coins, the $WLFI token sale also took off.<\/p>\n
The first round raised around $300M. Another 5 billion tokens were then opened for sale at $0.05 per token, raising $250M.<\/p>\n
In addition to this $550M, Tron founder Justin Sun has invested $30M in the project, while Web3Port invested $10M. This investment made Justin an advisor of the project.<\/p>\n
Zak Folkman, the co-founder of WLFI, has said that the project intends to put 63% of the total supply for sale.<\/p>\n
Right now, only 25% of the tokens have been sold. This suggests that more rounds of token sales are coming at a possibly higher price.<\/p>\n
You might be wondering why the WLFI token sale is crucial to the crypto markets. Well, there are a couple of reasons.<\/p>\n
Firstly, the fund is backed by Trump himself, who has gone all pro-crypto since his appointment as the president.
\nA more technical second reason is that World Liberty Financial is a big promoter of US-backed stablecoins and DeFi applications. It wants to strengthen the US dollar.<\/p>\n
This is also evident with WLF\u2019s current portfolio. Out of a total investment of $98M, $19.83M is held in stablecoins ($13.58 in USDT and $6.25M in USDC). That\u2019s around 20% of the total portfolio value.<\/p>\n\n
The total market stablecoin supply is now around $219B, which suggests that the current cycle has still not exhausted its potential and that we\u2019ve only reached midway.<\/p>\n
If you look at past data, the supply during April 2022 was $187B before the markets went bearish. We\u2019re already past that, and the supply is still increasing.<\/p>\n
This increase is also propelled by declining crypto conditions, where institutional investors are adding crypto assets to their portfolio at throw-away prices. These attractive prices have meant that the supply isn\u2019t declining.<\/p>\n
$ETH has seen more than a 50% decline in the last 3 months. In fact, WLFI holds $41M worth of ETH (40% of its portfolio).<\/p>\n
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