World Liberty Financial took urgent action this week by burning 47 million of its digital currency WLFI, in an attempt to mitigate the significant price decline. The project backed by the Trump family started trading last Monday, but it failed to maintain its momentum. The currency opened at a price of $0.331 before losing more than 31% of its value in just a few days, prompting developers to take urgent measures to stabilize it.
The burn strategy did not stop the decline
Blockchain data indicates that the team burned 47 million WLFI on Wednesday, which is equivalent to 0.19% of the total circulating supply of 24.66 billion coins. At the launch of the project, 100 billion coins were issued, but only 25% of them were available for trading. Intense selling by short sellers has kept the price under constant pressure throughout the week.
Will this currency really succeed? $WLFI
