Large cryptocurrency investors (whales) have suffered millions in losses on the World Liberty Financial (WLFI) token, associated with the Trump family, despite proposals to reduce circulating supply, as the token continues to decline.
According to Onchain Lens data, whale wallet 0x432 lost over $1.6 million after closing a 3x leveraged WLFI long position.
The platform stated on Thursday on X: "The moral of the story is to never FOMO (fear of missing out)," referring to the hasty actions of the whale investor.
This investor closed a previous WLFI long position with a profit of $915,000, only to open a new WLFI long position 15 hours later, ultimately losing $1.6 million.
Other whales are also exiting WLFI positions at a loss, indicating a waning confidence in the price prospects of the Trump-related token.
Whales began to sell off after WLFI's platform burned 47 million tokens on Wednesday. This move permanently reduced the token supply, aiming to enhance the value of the remaining tokens.
According to CoinMarketCap data, the token burn failed to prevent its decline post-listing, with WLFI's price dropping another 18% in the 24 hours leading up to Thursday at 8:31 AM UTC, totaling a 41% drop since its listing on Monday.
Blockchain data platform Lookonchain reported on X that other large investors also faced losses, including whale wallet 0x854RaR, which purchased $2 million worth of WLFI tokens three days ago and has since lost over $650,000 as of Thursday.
Lookonchain added in a Thursday post on X that another wallet on Hyperliquid, trader 0x1527, has lost over $2.2 million on WLFI long positions, while trader 0x92bb profited $1.8 million through short positions, effectively betting on a decline in WLFI token prices.
Cointelegraph reported that former kickboxing champion and controversial influencer Andrew Tate is also betting on an increase in WLFI token prices, despite being liquidated for $67,500 on the decentralized exchange Hyperliquid on Tuesday.
Due to a more than 40% drop in WLFI token prices, investor sentiment has clearly turned pessimistic in the past 24 hours.
CoinMarketCap data shows that WLFI token currently ranks ninth in investor sentiment among the top 100 cryptocurrencies, with a strong bearish sentiment.
Related: Classic Ripple (XRP) price chart patterns point to a $5 target, with spot ETF approval imminent.
Original article: “Despite WLFI burning 47 million tokens, whales still lose millions on Trump-linked token's 40% drop”
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