World Liberty Financial has turned to burning tokens in an attempt to stem a price drawdown its cryptocurrency has seen since it started trading publicly on Monday.
The Trump family’s crypto project, World Liberty Financial, has begun burning its namesake token in a bid to boost its price, which has been in decline since launching to the public on Monday.
Onchain data first reported by Lookonchain showed the platform burned 47 million World Liberty Financial (WLFI) tokens on Wednesday, permanently removing them from the supply.
The token began trading on secondary markets for the first time on Monday, with its early investors allowed to sell their holdings to the public. The token briefly hit a peak of $0.331, but it has continued to decline, dropping 3.8% in the past day to just over 23 cents.
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