After suffering losses in the YZY token trading related to Kanye West, former kickboxing champion and controversial figure Andrew Tate has once again ventured into cryptocurrency trading.
Andrew Tate's long position on the World Liberty Financial (WLFI) token, associated with the Trump family, opened on the decentralized exchange Hyperliquid, was liquidated on Tuesday, resulting in a total loss of $67,500.
Blockchain data platform Lookonchain reported on Tuesday via the X platform that Tate "immediately" opened another long position on the WLFI token after his loss, continuing to bet on its price increase.
This liquidation occurred less than two weeks after Tate opened a 3x leveraged short position on the YZY token related to Kanye West, with his single Hyperliquid account accumulating losses close to $700,000.
Tate's losses came the day after the WLFI token, associated with the Trump family's decentralized finance project, was listed on the exchange.
After its launch, the price of WLFI dropped by about 36%, falling from a high of $0.331 to a low of $0.210. It then slightly rebounded, trading back above $0.2420 as of 8:42 UTC. According to CoinMarketCap, the WLFI token has fallen over 21% since its launch.
A significant token unlock on Monday added 24.6 billion tokens to the circulating supply of WLFI, increasing the Trump family's holdings to $5 billion. The project previously stated that the distribution of WLFI would be initially locked, with founders including Donald Trump and his three sons Donald Trump Jr., Barron Trump, and Eric Trump.
Following the drop in WLFI token price after its listing, the platform released a new governance proposal, planning to implement a token buyback and burn program using the protocol's own liquidity fees.
WLFI proposed to use all protocol fees generated from the platform's own liquidity positions on networks such as Ethereum (ETH), BNB Chain, and Solana (SOL) to buy back WLFI tokens held short on the open market and permanently remove these tokens through burning.
This mechanism aims to reduce the number of tokens in circulation through buybacks, thereby stimulating market demand.
As of the time of writing, most respondents have expressed support for the governance proposal.
However, the proposal did not include the amount of fees generated by the platform, making it difficult to estimate the potential market impact of the token buyback on WLFI.
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Original article: “Andrew Tate's Investment in WLFI Fails, Opens New Long Position After Losing $67,500”
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