Trump's World Liberty Token Plummets on First Day of Trading

The World Liberty token, backed by the Trump family, has fallen in value on its first day of trading. The token, known as $WLFI, was sold to investors after the Trump family and its business partners launched the venture, a decentralized finance platform that has also issued a stablecoin. The token's value dropped by around 12% to $0.246, giving it a total market capitalization of just below $7 billion. The token is now being offered on several major cryptocurrency exchanges, including Binance, OKX, and Bybit. The Trump family has made around $500 million from the project, according to Reuters calculations. The venture has faced criticism from Democratic lawmakers and government ethics experts who say it represents a conflict of interest. The White House has denied any conflicts of interest, stating that Trump's assets are in a trust managed by his children.