World Liberty Financial (WLFI) has burned a total of 47 million WLFI tokens. The project claims that this initiative will help stabilize the token price by reducing the supply in the market. The burned tokens are about 0.19% of the circulating supply. After the burn, the total supply of WLFI stands at about 99.95 billion, and the circulating supply is now about 24.66 billion.
However, the move has not had an immediate impact on the market. WLFI is currently trading at around $0.23, which is about 55% down from its post-launch high of $0.46. Although the token is currently above the support level of $0.21, it is unable to overcome the resistance level of $0.25–0.26. At the same time, trading volume has also decreased, indicating weak market participation.
Meanwhile, a community-backed proposal has been put forward to increase the stability of the token. According to the proposal, WLFI will be repurchased and burned from the market regularly using protocol-controlled liquidity fees. This could result in continued pressure on supply, potentially leading to a price recovery in the long term.
Market analysts believe that the proposal could be positive for the WLFI token if implemented effectively, but for now, a price recovery is uncertain.
