Most leading cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), have charted minor price declines following the Fed’s decision to keep interest rates unchanged and amid ongoing geopolitical tensions in the Middle East.
World Liberty Financial (WLFI), though, has performed much more poorly, falling 16% over the past 24 hours.
WLFI saw the light of day in September last year and quickly gained momentum, with its price soaring to nearly $0.25 and its market cap surpassing $6.6 billion. Over the past several months, however, it has been on a major decline, and the latest 24 hours only worsened its condition. Currently, WLFI trades at around $0.06, representing a new all-time low.
The latest retreat follows a controversial proposal that was initially submitted to the World Liberty governance in mid-April and which went live for voting on April 29.
The plan covers over 62 billion locked WLFI tokens, which would stay off the market for at least two years if approved. Founders, team members, and partners could have up to 45.2 billion units moved to a new two-year lock, with 4.5 billion burned if they choose to join.
Early supporters would have up to 17 billion coins shifted to the same place and later vesting with no burn involved. The proposal will remain open for voting until May 6, and as of now, 99.94% of participants have supported it.
WLFI’s association with Donald Trump and his inner circle fueled backlash after the token’s collapse, with some analysts arguing that the connection contributed to the steep losses investors suffered.
X user Carl Moon told his 1.5 million followers that “Trump’s family has ruined crypto,” reminding that other tokens related to POTUS, including TRUMP and MELANIA, have crashed by over 90% since their launch.
Besides the controversial proposal, WLFI recently made the headlines after Justin Sun filed a lawsuit against the project. Tron’s founder alleged that certain team members have frozen all of his tokens, stripped him of his voting rights, and even threatened to burn his holdings without proper justification.
Even though he is suing the project, Sun said he remains a strong supporter of President Trump and “his administration’s efforts to make America crypto-friendly.”
WLFI also drew attention after reports surfaced that one of its partners had previously been connected to a suspected international fraud syndicate. The blockchain network in question is called AB, and it struck a deal with World Liberty Financial in November last year.
The post World Liberty Financial (WLFI) Plunges to New ATL: Has Trump’s Family Ruined Crypto? appeared first on CryptoPotato.
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