The former Kickboxing champion and controversial influencer Andrew Tate is again back to the trading of the cryptocurrency, after a financial loss on the Kanye West Yzy token.
Andrew Tate’s long position on the World Liberty Financial (WLFI) token linked to the Trump family was liquidated for a total loss of $ 67,500 earlier on Tuesday on decentralized exchange hyperliquid.
Despite the loss, Tate continued to bet on the appreciation of the price of the WLFI token, opening another long position “immediately”, according to the Lookonchain blockchain data platform in a post of Tuesday x.
The liquidation occurred less than two weeks after Tate opened a short 3x effect position on the Yzye token linked to Kanye West, while its cumulative losses approached $ 700,000 on a single hyperliquid account.
The loss of tate occurred one day after the WLFI project of the decentralized financial project of Trump equaled the World Liberty Financial family began to negotiate Monday on the scholarships.
The WLFI fell by approximately 36% after registration, a peak of $ 0.331 to a minimum of $ 0.210, before recovering slightly to negotiate above $ 0.2420 to 8 h 42 UTC. The WLFI token is down more than 21% since the launch, show CoinmarketCap data.
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An important token unlocking added 24.6 billion tokens to the circulating WLFI offer on Monday, increasing the Trump family’s assets to $ 5 billion.
The project previously said that WLFI allowances will initially be locked for the founders, notably Donald Trump and his three sons, Donald Trump Jr., Barron Trump and Eric Trump.
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WLFI floats the proposal to take back tokens after a decrease of 36%
Following the post-launch drop in the WLFI token, the platform has published a new governance proposal to implement a token repurchase and burn program using liquidity costs belonging to a protocol.
WLFI proposed to use 100% of the protocol fees generated from the platform’s own liquidity positions through Ethereum, BNB Chain and Solana to buy the WLFI tokens from the open sellers on the free market and permanently withdraw from traffic via Burning.
Similar mechanisms seek to reduce the supply of a token and create more demand thanks to buyouts.
During the publication, the majority of respondents had expressed their support for the governance proposal.
However, the proposal does not include the amounts of costs generated on the platform, which makes it difficult to estimate the potential market impact that token buybacks will have on WLFI.
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