The digital currency WLFI launched by the Trump family encountered the embarrassing issue of website crashes on Tuesday launch, which is clearly not good news for WLFI wanting to make a big splash.

The project's website, also the exclusive trading market for the new token, experienced frequent long interruptions on Tuesday, continuously displaying the "we are under maintenance" page. This undoubtedly discouraged some investors' enthusiasm, raising doubts about the reliability of WLFI's technology.

Just on Monday, the project's co-founder Zachary Folkman was still boasting on X that over 0.1 million people had already pre-ordered the launch, the whole project was highly anticipated, and the market was very excited about it. He also claimed that WLFI set unheard-of records, setting various new records in the field of cryptos.

However, as of Wednesday morning, blockchain data shows that about 9,050 unique wallet addresses hold the token, accounting for only 9% of the total registered users.

WLFI had stated in an investment roadmap that it aimed to raise 0.3 billion dollars at a valuation of 1.5 billion dollars during the initial sale. However, as of now, WLFI has sold over 0.788 billion tokens at a price of 1.5 cents each, which is less than 4% of the 20 billion tokens available for public sale. The total revenue is 11.8 million dollars, far from the goal of 300 million dollars.

What is WLFI

On Tuesday evening, U.S. presidential candidate Trump vigorously promoted WLFI in a video, emphasizing that cryptos are the future. However, this token is not targeted at all of Trump's fans and investors.

WLFI is a type of D-regulation token, therefore, it does not need to be registered with the U.S. Securities and Exchange Commission to raise funds, but correspondingly, its investors must also meet the conditions of accredited investors, such as having a net worth exceeding 1 million USD. This greatly limits the number of investors eligible to enter the buying game, basically excluding retail investors from participating in WLFI.

In addition, WLFI is a governance token that allows holders to vote on decisions regarding the protocol, but the token does not represent ownership of the company itself.

However, since the crypto bank associated with WLFI has not been established yet, investors in WLFI are unable to vote. Token holders will receive a certificate similar to a promissory note until the platform is approved and goes online. During this period, investments in the token will enter the platform's treasury.

WLFI also points out on its website that Trump and his family may receive tokens from the WLFI company, and they also have the right to receive substantial rewards from the services provided by this crypto project, but the specific amount cannot be determined at this time.

Editor/rice