The World Liberty Financial (WLFI) token, backed by the Trump family, has been launched with a valuation of $30 billion, Reuters reported on Monday.
Although its listing on Binance provided immediate liquidity, the debut was marred by significant initial selling pressure.
Blockchain analysts identified three wallets that transferred 160 million tokens (worth about $51.2 million) to Binance immediately after the launch.
It should be noted that only 24.67% of the total supply of 100 billion tokens is in circulation at the time of launch.
Prior to its spot market debut, pre-listing activity for the World Liberty Financial token skyrocketed, with a 400% increase in WLFI perpetual derivatives volume on Sunday.