Large crypto investors, or whales, had suffered millions of losses in World Liberty Financial (WLFI) tokens associated with the Trump tribe.
According to Onchain Lens, the whale wallet 0x432 lost more than $1.6 million after closing its three times leveraged WLFI long position.
“The Moral of the Story: Never Become a FOMO” shortened out for fear of missing out, writing the platform on Thursday’s X-Post, referring to the whale’s hasty investment move.
Investors began their second long position in the WLFI token just 15 hours after closing their previous ones with a profit of $915,000, but lost $1.6 million.
Confidence in Trump-related tokens is weakening
Other whales are also at a loss for their WLFI position and are waning confidence in the price outlook for Trump’s tokens.
Source: Onchain lens
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The whale sales came one day after the WLFI platform burned 47 million tokens on Wednesday, closing the supply of remaining tokens and permanently removing them to boost their value.
The token burn was not enough to stop the post-release decline as WLFI prices fell another 18% until 8:31am UTC in 24 hours, another 18% down Thursday in 24 hours and another 18% down in 24 hours until 8:31am UTC, followed by an additional 18% decline in 24 hours, according to CoinmarketCap data.
WLFI/USD, the best chart ever. Source: CoinMarketCap
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Whale, Crypto Trader loses millions in WLFI price drops as investors sentiment sour
Other large investors also suffered losses, including Whale Wallet 854rar, which purchased WLFI tokens worth $2 million three days ago and purchased WLFI tokens that were over $650,000 as of Thursday, according to the X-Post of blockchain data platform LookonChain.
sauce: Lookonchain
Another wallet with high liquids, Trader 0x1527, was over $2.2 million in the long position of WLFI, while Trader 0x92bb managed to earn $1.8 million in the short position.
Former kickboxing champion and controversial influencer Andrew Tate was also betting on the price rise of WLFI tokens, despite being liquidated at $67,500 via a dispersed exchange polymer on Tuesday.
The decline over 40% has made investors sour around WLFI tokens over the past 24 hours.
Top 10 bearish tokens by investor sentiment. Source: CoinMarketCap
WLFI tokens are currently the 9th Bareland token of the 100 largest cryptocurrencies by investor sentiment, with 31.9% of users having token outlook, CoinmarketCap data shows.
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