World Liberty Financial’s WLFI token debuted for trading on secondary markets earlier this week. Since being listed on Binance and other centralized exchange on September 1, the token has remained stagnated around the price mark of $0.2259. In order to pump the token’s pricing, the Trump-family backed DeFi firm has reportedly resorted to token burning.
Data by Etherscan showed that World Liberty has burned 47 million WLFI tokens on Wednesday, September 3. This removed these many tokens from the permanent supply that is capped at 100 billion tokens.
The WLFI token hit $0.2581 on September 2. In the last 24 hours, however, the altcoin has dipped by over nine percent in its price — to trade at its present value of $0.2266, CoinMarketCap showed.
By burning 47 million tokens, the DeFi platform has essentially attempted to tighten the supply and get a boost to the token’s pricing.
Out of the total 100 billion WLFI tokens, over 26.66 billion are currently in circulation. After the burning process, the token’s total supply has been slashed to 99.95 billion.
Ahead of its launch, the derivatives volume had reportedly surged by 400 percent. Announcing its debut onto its platform, Binance had warned investors that owing to the newness of the token, it could be more volatile and riskier than others.
For now, the token stands at the 27th position on the CoinMarketCap index– that shows its losses widening by the minute. The total market cap amassed by WLFI so far is at $5.62 billion.