Crypto markets were abuzz with activity on September 1st with the launch of the World Liberty Financial (WLFI) token. Following the launch, both exchange announcements and market data indicated a turbulent entry into the market for WLFI.
Negative Wave in Funding Rates
The most striking development of the day was the sharply negative values observed in the funding rates for WLFI perpetual contracts. The 4-hour rate on Binance fell to -0.2317%, reaching -1.39% on a daily basis. Similarly, Bybit reached -0.4338%. This chart indicates that many investors are heavily shorting WLFI.
Large investments and on-chain movements attracted attention.
According to Arkham data, WLFI's official account purchased 6.49 million WLFI in just one hour, spending a total of $2 million. This move demonstrates the team's strong support for the market. Meanwhile, according to LookIntoChain's findings, three major pre-sale participants deposited a total of 160 million WLFI to Binance. The value of these addresses is in the millions of dollars, indicating selling pressure.
Exchange announcements: Coinbase, Binance, and DWF Labs investment
WLFI's rapid listings also set the market agenda. Coinbase announced that it will gradually open WLFI-USD trading pairs if sufficient liquidity is provided. On Binance's side, WLFI futures are being converted from pre-trading to standard trading overnight. These contracts will be traded with up to 50x leverage. DWF Labs also announced that it will list WLFI on the DWF Liquid Markets platform, aimed at institutional clients.
Chainlink bridge activated
The WLFI team announced the activation of the Chainlink CCIP bridge, allowing users to transfer the token between the Ethereum, Solana, and BSC networks. Approximately 1.5 hours after the launch, Ethereum network congestion decreased, with gas fees dropping to 32.4 Gwei. This development indicated that the high trading volume experienced during the launch quickly returned to normal.
Price Performance and the Trump Family's Message
WLFI opened for trading at $0.478 on Binance but quickly fell to $0.3. This decline, combined with intense short positions and selling pressure, raised questions among investors. Eric Trump's social media post added a political dimension to the launch. Trump announced the launch with the words, "We are now live," and stated that the WLFI would be "a standard of financial freedom that represents US leadership."
