The world of cryptocurrencies witnessed a dramatic twist as WLFI Coin navigated through turbulent waters, marked by a significant price decline. Not long before, the cryptocurrency enjoyed an unexpected surge, only to see its fortunes reverse once the coins reached the market. As speculation swirled, the question remains: who capitalized on this predicted downturn?
What Caused WLFI’s Sudden Fall?
WLFI Coin’s value tumbled over 20%, though its trading volume remained buoyant at over $2 billion. Recently, the team behind WLFI took the controversial step of freezing the wallet belonging to Justin Sun. Sun’s intentions to forge ties with Trump led to speculative maneuvers on his HTX exchange during the initial listing phase.
In recent times, Justin Sun found himself mired in controversies linked to pre-market token malpractices. Investigative reports from WuBlockchain revealed that an estimated 60 million WLFI tokens were moved from HTX’s wallet to a Binance deposit address, raising eyebrows over potential market manipulation.
Could Sun Be Behind The Speculation?
Sun has publicly denied claims of market interference, arguing that the wallet merely engaged in minor transactions that couldn’t sway market dynamics. However, revelations indicate that the true identity behind the speculation might soon come to light. Potential involvement of Sun could provoke a strong response from the Trump association, which could tarnish relations and impact his TRX asset negatively.
In August, predictions about WLFI’s performance reflected an apprehension towards future token costs, with many buying at prices between $0.015 and $0.05. August’s warnings foresaw the turbulence that unfolded once 20% of the tokens unlocked, though the steep decline hadn’t reached dire levels.
In light of the unfolding events:
- WLFI Coin initially peaked at $0.55, setting its resistance at $0.44.
- The price then settled at a base of $0.22, and now it’s valued around $0.17.
- Future unlocks and listings post-September 1st could lead to increased sales.
- Short selling might persist unless closeness to $0.015 emerges.
WLFI Coin now stands 66% below its peak in terms of spot listing. If no significant developments or partnerships emerge, a gradual decline could continue. An absence of large-scale investments or strategic burns might prolong the downward trend.
“Their address merely conducted some minor deposit tests followed by address partitions without any buying or selling.” – Justin Sun
Absent substantial interventions, the slide could hasten, influenced by players like Sun or others eyeing an advantage. Such dynamics paint a volatile picture for WLFI Coin’s trajectory in the weeks ahead.
