Justin Sun Claims $200 Million from World Liberty Financial Token Unlock
On September 1, the Token Generation Event (TGE) for World Liberty Financial's governance token, WLFI, unlocked 20% of its total supply (100 billion tokens). The project is endorsed by Donald Trump. Notable investor Justin Sun claimed 600 million WLFI, valued at $200 million, which constitutes 3% of the unlocked tokens.
- Sun holds nearly $1 billion in WLFI, acquired from sources beyond the initial unlock.
- Prior to the TGE, WLFI experienced a 500% price surge on derivatives markets.
- At the time of reporting, WLFI traded at $0.2453, leading to a market cap of $6.05 billion and a fully diluted value of $24.53 billion.
- WLFI's 24-hour trading volume reached $2.57 billion, representing 41.5% of its market cap.
Sun has committed to not selling his unlocked tokens and plans to increase the circulating supply of USD1 stablecoin by $200 million, which is linked to the project. Despite initial hype, WLFI operates in a volatile market with risks such as regulatory scrutiny and potential selling pressure.
World Liberty Financial (WLFI) market data and price on September 1 | Source: CoinMarketCap