Whales, or big cryptocurrency investors, have lost millions of dollars by betting on the price appreciation of the Trump family-linked World Liberty Financial (WLFI) token.
Since its launch on Monday, the WLFI token’s price fell by over 40%, despite a large-scale token burn event that permanently reduced the token’s circulating supply, aiming to tighten supply and boost the value of the remaining tokens on the market.
Despite the over 40% decline, some of the pre-sale holders are still showing confidence in the presidentially endorsed token.
Out of more than 85,000 pre-sale participants, 60% were still holding the token, while only 29% had fully sold, wrote blockchain data platform Bubblemaps, in a Wednesday X post.
Source: Bubblemaps
Whales lose millions on Trump-linked WLFI’s 40% dip, despite 47 million burn
Big crypto investors, or whales, were suffering millions in losses on the Trump family-linked World Liberty Financial (WLFI) token, which continued to decline despite a proposal to reduce the circulating supply.
Whale wallet 0x432 lost more than $1.6 million after closing a 3x leveraged WLFI long position, according to Onchain Lens.
“The moral of the story: never be in FOMO,” short for fear of missing out, wrote the platform in a Thursday X post, referencing the whale’s hasty investment move.
The investor had opened a second long position on the WLFI token just 15 hours after closing a previous one with a $915,000 profit, only to lose the $1.6 million.
Confidence in Trump-linked token weakens
Other whales were also exiting WLFI positions at a loss, signaling waning confidence in the Trump-affiliated token’s price outlook.
Source: Onchain Lens
The whale selling came a day after the WLFI platform burned 47 million tokens on Wednesday, permanently removing them in a bid to tighten supply and boost the value of the remaining tokens.
The token burn was not enough to stop its post-launch decline, as the WLFI price fell another 18% in the 24 hours leading up to 8:31 am UTC Thursday, marking a total decline of…
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