Source: TRON

"In the world of cryptocurrency, every price fluctuation is the result of countless factors working together, and any single attribution may deviate from the truth." This was once a consensus in the industry, but this consensus was broken during the recent fluctuations of the WLFI token.

After the listing of World Liberty Financial's WLFI token, the price experienced significant volatility, and market opinion quickly pointed fingers at TRON founder Justin Sun. However, the latest on-chain data analysis and authoritative opinions indicate that this attribution is overly simplistic.

Timestamp: Transfers Occurred After the Price Drop

Alex Svanevik, CEO of the on-chain analysis platform Nansen, carefully examined the WLFI transaction timestamps using the AI Research Agent on September 6 and found that Justin Sun did not engage in a sell-off. This finding overturned the initial hypothesis. The AI Research Agent initially suggested that Justin Sun might be selling WLFI, but after a deeper analysis of the timestamp evidence, a different conclusion was reached.

Svanevik further pointed out that the relevant transfers actually occurred after the WLFI price had significantly dropped, and therefore could not be the main cause of the price decline. Based on the trading volume proportion on that day, the scale of these transfers likely could not have a substantial impact on market price trends.

The economic model design of the WLFI token dictates that its market performance will inevitably face early unlocking pressure. The token distribution is highly concentrated, with approximately 83% of the tokens controlled by entities related to the Trump family and early large holders. This concentration means that market liquidity is relatively limited in the early stages of the project, and a large number of tokens being unlocked could exert significant pressure on the price.

Even during the price decline, data from the blockchain data platform Bubblemaps shows that among over 85,000 presale participants, 60% still hold the tokens, with only 29% completely sold out. This indicates that the majority of investors still maintain confidence. The choice of some early investors to take profits is a normal behavior in the crypto market, especially when a project gains significant attention and experiences substantial early gains.

The World Liberty Financial team's blacklisting measures against Justin Sun's wallet have sparked profound discussions about the essence of decentralized finance. The unilateral freezing of user assets by the project party contradicts the fundamental value concepts of blockchain. The private ownership of token assets is the most basic value of blockchain and should be "sacred and inviolable."

This centralized response reflects a fundamental contradiction present in many current crypto projects: despite superficially advocating for decentralization, they still retain the ability for centralized control. Justin Sun himself emphasized this principle issue in his response: "A great financial brand should be built on fairness, transparency, and trust, rather than freezing investors' assets."

Market Misinterpretation and Media Bias

After the WLFI price fluctuations, some media reports exhibited obvious selectivity and bias. Many reports overlooked their basic verification obligations and directly quoted unverified external reports. Blockchain data shows that during the so-called "sell-off," Justin Sun was actually conducting small deposit tests rather than a large-scale sell-off. These test transactions were misinterpreted as sell-off actions, leading to market panic.

All the addresses involved in the online rumors (which were previously marked by Arkham with low credibility and have now been corrected) actually belong to the HTX trading platform's hot wallet and are unrelated to Justin Sun personally. The relevant transfers are routine operations by market makers—borrowing tokens from HTX and then reallocating them to Binance to balance liquidity across trading platforms.

The listing of WLFI coincided with a significant adjustment in the entire cryptocurrency market. Major cryptocurrencies like Bitcoin and Ethereum experienced varying degrees of decline, and market sentiment was generally cautious. In this environment, it is normal for newly listed tokens to face greater pressure.

As the WLFI ecosystem gradually develops, the market will return to rationality, recognizing that the true value of WLFI lies not in short-term price fluctuations but in the long-term financial ecosystem it builds. As more application scenarios are implemented and the ecosystem matures, this incident will become a footnote in the growth process of the WLFI project, reminding people of the complexity of the cryptocurrency market and the interplay of multiple factors.

This article is from a submission and does not represent the views of BlockBeats.

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