Trump-backed WLFI ramps up buybacks as token lingers 50% below launch price
The Trump family-backed WLFI purchased nearly $8 million worth of tokens, aiming to mitigate the downtrend of the token by artificially reducing the outstanding supply.
The Trump family-backed crypto project, World Liberty Financial, continued its token buyback strategy, aiming to create more demand for the token, which has declined almost 50% since its launch.
The platform acquired $7.7 million worth of World Liberty Financial (WLFI) tokens on Wednesday at an average price of $0.16 per token, according to blockchain data platform Lookonchain.
The nearly $8 million buy is significantly larger than its $1.06 million WLFI token buyback on Sept. 27, which saw $1.43 million worth of tokens burned, Cointelegraph reported at the time.