WLFI Token Buybacks Accelerate Despite Price Drop
The Trump family-backed World Liberty Financial escalates its buyback strategy to counteract the decline in token value, having invested approximately $8 million to decrease supply.
The Trump family-influenced World Liberty Financial (WLFI) has recently intensified its strategy to buy back tokens, investing nearly $8 million to address the token’s decline of approximately 50% since its initial launch.
On Wednesday, WLFI acquired about $7.7 million worth of WLFI tokens at an average of $0.16 per token, according to blockchain data sourced from Lookonchain. This recent buyback significantly surpasses their earlier purchase of $1.06 million on September 27, which resulted in the burning of $1.43 million worth of tokens.
In September, the project passed a governance vote allowing for the allocation of 100% of its treasury’s liquidity fees towards token buybacks and burns, working to permanently withdraw these tokens from circulation. This approach is intended to decrease the circulating supply and ultimately enhance demand for the token.
Source: Lookonchain
The buybacks have come amid a 13% increase in WLFI’s price over the past week, despite being down by over 48% since its January launch, as indicated by CoinMarketCap data.
The Trump family’s holdings reportedly soared to about $5 billion after unlocking 24.6 billion tokens at the beginning of September. However, their crypto ventures faced a downturn following a massive $19 billion market crash on October 10, leading to an estimated decline of over $1 billion in their wealth. The family’s assets fell from about $7.7 billion in early September to $6.7 billion by November’s end, according to reports from Bloomberg.
At the time of writing, it was noted that the WLFI wallet still held about $7.5 billion in WLFI tokens, making it their largest asset, as per Arkham’s blockchain data.
