WLFI, a cryptocurrency project backed by the Trump family, did not perform well in its initial public offering. It was originally planned to raise $300 million at a valuation of $1.5 billion, but in the end it only raised $12 million, which was far from the expected goal. This result may be caused by a variety of factors: Technical problems: On the first day of the WLFI project's launch, the website crashed, which undoubtedly hit investors' confidence and affected the fundraising effect. Market reaction: Although the project claimed that more than 100,000 people had made reservations for the sale, the actual number of users who participated in the purchase was far lower than this number, and only about 9% of registered users finally made a purchase. Investor qualification restrictions: WLFI chose the D Regulation token issuance method, which means that only qualified investors with assets of more than one million US dollars can participate, which limits the participation of ordinary retail investors. Nature of the token: WLFI is a governance token, not a company equity, and investors do not even have the right to vote on the agreement before the associated crypto bank is established, which reduces its attractiveness. Questions about profit distribution: The Trump family may receive a large number of tokens and rewards from the project, which raises questions about whether the profit distribution is fair and transparent.

External environment: Global economic and political uncertainties, such as the Federal Reserve's ambiguous attitude towards interest rate cuts, and tensions in the Middle East, South Korea, North Korea, Russia and Ukraine, may affect investors' risk appetite and make them more cautious.

These factors combined may have led to WLFI's dismal performance in the fundraising process. For investors, this may be a signal that the market lacks confidence in the project, or at least the project's appeal is limited in the current market environment. Whether there will be a turnaround in the future, it is necessary to further observe the progress of the project and the market's response. At the same time, investors should also be cautious and not blindly invest because of FOMO emotions.