Futures of World Liberty Financial (WLFI), the Cryptocurrency connected to President Donald Trump’s family, lost more than 44% of their value when opening this weekend, because traders chose to fail to fail the decentralized finances (Defi) token.
The futures began to act on 23 August on decentralized exchange hypiquid at $ 0.44. Within a few hours the price collapsed to less than $ 0.25 at the back of a considerable trade volume.
The debut followed months of uncertainty. Initially the token was planned to be unavailable. However, the measure was annulled in mid -July. That decision paved the way for the introduction of the weekend. Spot trade and token distribution go live in September.
The current price would place WLFI at a completely diluted value of $ 24 billion that debuted at around $ 44 billion, based on the total range of 100 billion of token.
According to Hyperliquid, more than $ 59 million in trade volume has been registered, with $ 57 million in open interest. Open interest rate measures the nominal amount of open positions on a specific market.
The financing percentage is also skewed to the disadvantage with an annual percentage of -35%. When negative rates occur, traders with short positions must pay a classic bearish signal.
Negative financing percentages have lately been rare in the cryptomarkt, despite large assets such as BTC and ETH sales. The negative rate of WLFI shows how traders believe that token is overvalued and are so trust in further disadvantage that they are willing to pay to withhold the short position.
