In the hours leading up to the launch of certain tokens, the open interest of the WFLI token, associated with the Trump family, approached $1 billion.
According to CoinGlass data, during Monday morning trading, the open interest of WLFI's derivative contracts was close to $950 million, then fell back to $887 million, but still increased by 45% in the past 24 hours.
The trading volume of WLFI derivatives surged by 535% in the past day, reaching $4.54 billion, making it the fifth largest cryptocurrency derivative by trading volume in the last 24 hours.
The token is trading at around 34 cents on most exchanges, down from a peak of over 40 cents a week ago.
Open interest refers to the number of active, unsettled contracts that have not been settled, indicating that WLFI is receiving strong market attention in the hours leading up to the unlocking of approximately 5% of the token supply.
If WLFI's trading price remains around 34 cents, then based on its total supply of 10 billion tokens, the fully diluted market cap of the token could reach $34 billion.
This total market cap would make it the ninth largest cryptocurrency, surpassing TRON (TRX) and pushing Dogecoin (DOGE) out of the top ten, both of which have fully diluted market caps below $32 billion.
Analysts point out that if the price remains stable, based on the upcoming unlocking of approximately 5 billion tokens, WLFI's market cap would be around $1.7 billion.
CoinGlass data shows that the cryptocurrency exchange Binance holds the largest share of WLFI derivative trading, accounting for about half of the total trading volume in 24 hours, reaching $2.22 billion, with over 10.5 million transactions.
Binance also attracted the largest share of open interest, with open interest on the platform amounting to approximately $436.5 million, accounting for half of the total open interest.
OKX ranked second in trading volume and transactions, with nearly 1.1 million trades conducted in the past day, totaling $917.5 million.
World Liberty announced on August 22 that it would unlock 20% of the tokens purchased by its early supporters on September 1 at 8 AM New York time (UTC 12 PM), after its community voted to allow WLFI trading in mid-July.
Several major exchanges, including Kraken and Binance, have indicated they will list the token for trading. Initially, these tokens were only planned to serve as governance tokens for their upcoming Ethereum-based exchange and lending platform.
The company raised a total of $550 million through token sales, and these tokens are now about to launch. Last October, the company sold 20 billion tokens at a price of 1.5 cents each, netting $300 million. These tokens were only available to accredited investors in the U.S. and were fully sold out by the end of January.
After the initial sale was completed, it immediately launched a new round of token sales, issuing 5 billion tokens at a price of $0.05 each—230% higher than the initial sale completed in mid-March, raising $250 million.
U.S. President Donald Trump is listed as the "Chief Cryptocurrency Advocate" of World Liberty, while his sons Barron, Eric, and Donald Trump Jr. are listed as "Web3 Ambassadors." A company associated with the Trump family receives 75% of the revenue from the agreement.
Related: Reports suggest Trump is considering a post-war Gaza plan to tokenize land.
Original article: “Trump's WLFI Derivatives Near $1B Open Interest Hours Before Unlock”
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