Large crypto traders, or whales, have been struggling tens of millions in losses on the Trump family-linked World Liberty Monetary (WLFI) token, which continued to say no regardless of a proposal to cut back the circulating provide.
Whale pockets 0x432 misplaced greater than $1.6 million after closing a 3x leveraged WLFI lengthy place, in response to Onchain Lens.
“The ethical of the story: by no means be in FOMO,” quick for concern of lacking out, wrote the platform in a Thursday X publish, referencing the whale’s hasty funding transfer.
The investor had opened a second lengthy place on the WLFI token simply 15 hours after closing a earlier one with a $915,000 revenue, solely to lose the $1.6 million.
Confidence in Trump-linked token weakens
Different whales have been additionally exiting WLFI positions at a loss, signaling waning confidence within the Trump-affiliated token’s value outlook.
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The whale promoting got here a day after the WLFI platform burned 47 million tokens on Wednesday, completely eradicating them in a bid to tighten provide and increase the worth of the remaining tokens.
The token burn was not sufficient to cease its post-launch decline, because the WLFI value fell one other 18% within the 24 hours main as much as 8:31 am UTC Thursday, marking a complete decline of 41% because it was launched on Monday, in response to CoinMarketCap information.
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Whales, crypto merchants lose tens of millions on WLFI value decline, as investor sentiment sours
Different massive traders additionally incurred losses, together with whale pockets 854RaR, which purchased $2 million price of WLFI tokens three days earlier and was down over $650,000 as of Thursday, in response to blockchain information platform Lookonchain’s X publish.
One other pockets on Hyperliquid, dealer 0x1527, was down over $2.2 million on a WLFI lengthy place, whereas dealer 0x92bb managed to revenue $1.8 million on a brief place, which is a de facto wager on the WLFI token’s value decline, added Lookonchain in a Thursday X publish.
Former kickboxing champion and controversial influencer Andrew Tate was additionally betting on the WLFI token’s value appreciation, regardless of being liquidated for $67,500 on Tuesday through decentralized trade Hyperliquid, Cointelegraph reported.
The over 40% decline noticed investor sentiment bitter across the WLFI token through the earlier 24 hours.
The WLFI token is at the moment the ninth-most-bearish token among the many 100 largest cryptocurrencies by investor sentiment, with 31.9% of its customers bearish in regards to the token’s prospects, CoinMarketCap information exhibits.
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