The post World Liberty Burns 47M Tokens as WLFI Price Slides appeared on BitcoinEthereumNews.com. 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. Crypto projects undertake token burns in a bid to tighten supply and theoretically boost the value of the remaining tokens. Source: Lookonchain Burn a fraction of WLFI’s supply CoinMarketCap shows around 24.66 billion tokens, or just over 25% of WLFI’s original 100 billion supply, have so far been unlocked, with the burn representing 0.19% of the token’s circulating supply.  The transaction on Etherscan shows that the tokens were sent to a burn wallet on Sept. 2, with Etherscan now showing that the tokens’ total supply has been reduced to just over 99.95 billion. World Liberty put forward a proposal on Tuesday to implement a token buyback and burn program using protocol-owned liquidity fees in an effort to drive up the scarcity and price. The team claims in the proposal that a token burn would “increase the relative ownership percentage of committed long-term holders,” while removing from circulation tokens “held by participants not committed to WLFI’s long-term growth.”  The token is down over 31% from its opening high on its launch day, as short sellers offloaded the token, which the token burn aims to address. The majority of the 133 respondents in the… The post World Liberty Burns 47M Tokens as WLFI Price Slides appeared on BitcoinEthereumNews.com. 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. Crypto projects undertake token burns in a bid to tighten supply and theoretically boost the value of the remaining tokens. Source: Lookonchain Burn a fraction of WLFI’s supply CoinMarketCap shows around 24.66 billion tokens, or just over 25% of WLFI’s original 100 billion supply, have so far been unlocked, with the burn representing 0.19% of the token’s circulating supply.  The transaction on Etherscan shows that the tokens were sent to a burn wallet on Sept. 2, with Etherscan now showing that the tokens’ total supply has been reduced to just over 99.95 billion. World Liberty put forward a proposal on Tuesday to implement a token buyback and burn program using protocol-owned liquidity fees in an effort to drive up the scarcity and price. The team claims in the proposal that a token burn would “increase the relative ownership percentage of committed long-term holders,” while removing from circulation tokens “held by participants not committed to WLFI’s long-term growth.”  The token is down over 31% from its opening high on its launch day, as short sellers offloaded the token, which the token burn aims to address. The majority of the 133 respondents in the…