The Trump family-backed World Liberty Financial (WLFI) token rallied sharply on Monday, bucking the broader cryptocurrency decline.
WLFI Outshines Crypto Heavyweights
WLFI, the governance token of the decentralized finance platform, spiked over 3% in the last 24 hours, outperforming the majority of large-cap cryptocurrencies, including Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which traded in the red.
The latest spike extended the coin's weekly gains to over 8%, a significant recovery from the losses sustained during its first trading week.
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Solana Collaboration The Reason?
The rally comes after World Liberty Financial announced a collaboration with Solana (CRYPTO: SOL)-based DeFi protocol Raydium and meme coin launchpad Bonk.fun for its World Liberty Financial USD (USD1) stablecoin.
"USD1 is coming to Solana in a big way," said Eric Trump, World Liberty's co-founder.
WLFI’s Turbulent Journey
WLFI experienced turbulence in the first trading week, rising to a high of $0.46 before diving as quickly. As of this writing, the coin is down 29% from its opening price and over 52% from its all-time high. About $5.90 billion worth of investors' wealth has been wiped out since the coin peaked at $0.46.
The drama heightened when World Liberty Financial blacklisted the wallet of Justin Sun, one of the coin's major investors. Sun accused the firm of freezing his holdings “unreasonably,” adding that such “unilateral actions” violate the rights of investors.
Price Action: At the time of writing, WLFI was exchanging hands at $0.2201, up 3.1% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: T. Schneider on Shutterstock.com
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