Morning Minute | Trump Token Interest Tanks
TylerD's Market Summary
📉 Trump's WLFI Token Valuation Slashed by 90%
All signs are that the crypto bull market is here or coming very soon.
But someone may need to tell that to the Trump crypto team.
What Happened?
Donald Trump's World Liberty Financial has slashed its original fundraising goal of $300M by 90%, now aiming to raise just $30M.
This pivot comes after underwhelming sales of its WLFI token, as reported in an SEC filing on Oct. 30.
Since launching in mid-October, the project raised only $14M.
As a reminder, it initially targeted $300M at a staggering $1.5B valuation.
The SEC filing also revealed that Trump’s company, DT Marks DEFI LLC, will receive 75% of the venture's net revenue—but only after WLFI hits the new $30 million fundraising target.
What They're Saying
According to a Galaxy Digital research note, WLFI's poor performance could stem from concerns about the token's lack of value accrual, with no clear utility tied to the project, and a general lack of concrete details around the project.
The reality is - the valuation was too high, the tokens were locked for a year, and the buying process required KYC.
A recipe for disaster in this current crypto environment.
Why It Matters
Whoever is running the show at WLFI clearly doesn't have their finger on the pulse of the current crypto ecosystem.
If this was just a one-off project, it wouldn't be a big deal.
But many are praising Trump as a potentially bullish pro-crypto candidate if elected.
Let's hope he gets better crypto advice in that potential role than he has here so far with WLFI.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
- Ethereum led NFT trading volume with $3.4M on the day; Bitcoin was next with $1.5M, and then Solana with $1.5M
- ETH NFT leaders were mostly red down another 1-2%; Punks even at 26.1 ETH, Pudgy -1% at 8.68, BAYC even at 11.35, Milady -1% at 4.6, Azuki -3% at 4.75
- Checks Originals (+59%) led top movers
- BTC NFT leaders were mostly red; NodeMonkes -2% at 0.123 BTC, Puppets -3% at 0.134 BTC, OMB even at 0.161, Quantum Cats evn at 0.239
- The Runes leaders continued to fall along with MEMENTO MORI (-33%); DOG -3% at $398M mc, PUPS -3% at $135M, GIZMO -10% at $18M mc, BDC -8% at $73M
- Memeland teased the launch of a new PAIN token it's incubating at Binance Blockchain Week
- Pudgy Penguins are launching a mobile game called Pudgy Party, launching in 2025 on the Mythos chain; the game is focused on "teamwork and shared rewards" with customizable Penguin characters
- NBA Top Shot unveiled upgrades to the 2024-25 NBA Moments including audio for every Moment, additional player hangouts, and more
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token, protocol and airdrop news from the day:
- Nifty Island's "play to airdrop" campaign ends today with all eyes turning to that future airdrop
- Grass announced Stage 2 of its network, indicating more rewards and new product features are coming
- Zircuit announced that 2% of its ZRC tokens will be "Fairdropped" to EIGEN holders
- Story Protocol teased that its "final phase" will begin next Thursday, Nov. 7
- Telegram game W-Coin announced its TGE for December along with initial airdrop details
- Time dot fun announced they're moving from Base to Solana, highlighting the differences between the 2 chains and Solana being more "real world"in their move
- MoonPay announced that Uniswap users can now buy and trade crypto directly from a Venmo onramp
- Citrea raised $14M to execute its mission of expanding "Bitcoin from digital gold to an active, programmable asset"
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- Crypto majors are red down 3-4%; BTC -3% at $70,030; ETH -5% at $2,520, SOL -5% at $168; KAS & TIA led top alt movers up 3-4%
- Memecoin majors were more red down 4-10%; DOGE -6%, SHIBA -6%, PEPE -5%, WIF -10%, POPCAT -4%, and MOG -9%; ticker BITCOIN briefly crashed after one holder sold $3M+ of tokens, now back at $224M
- VISTA jumped 38% to $52M and a new ATH
- Tether announced $2.5B in Q3 profits, bringing its 2024 YTD total to $7.7B
- Immutable received a Wells Notice from the SEC related to alleged securities violations for its IMX token sales in 2021
- Trump's WLFI team cut its fundraise target by 90% to $30M from its original goal of $300M at a $1.5B valuation
- Limit Break announced a new version of WETH call WNATIVE which consolidates to just 1 address across EVM chains and offers more gas efficiency and UX benefits to devs
- VanEck announced Gunzilla Games, creator of Off The Grid, as its second web3 gaming investment
- Franklin Templeton announced that it's onchain Money Market Fund "Benji" is now live on Base
- Coinbase added NEIRO to its perp futures
🚀 Memecoin Movers
- $PANDA (+29,000% to $32M market cap, SOL)
- $SOM (+25,000% to $46M market cap, SOL)
- $47 (+98% to $11M market cap, SOL)
- $ZEREBRO (+90% to $11M market cap, SOL)
- $RETARDIO (+26% to $180M market cap, SOL)
📈 NFT Floor Price Increase (ETH)
- Uprising Genesis (125%, 0.04 ETH Floor)
- Checks Originals (59%, 0.23 ETH)
- Checks Editions (19%, 0.29 ETH)
- Alpha Gate (15%, 1.39 ETH)
- Plooshies (13%, 0.2 ETH)
🗓 Upcoming Mints and Events
Today is a slower day to end the week.
Based Auras is the latest meme NFT to drop on Base. And Axstone is the meme card artist.
With the meme trenches coming back alive after a slow week, expect most attention there.
See the full list and dive in for more details with Swizzy's daily mint monitor.
- Based Auras (11:00 a.m. ET)
- Memes by 6529 (11:00 a.m. ET)
- Mates on SOL (1:00 p.m. ET)
- phraze - Growing Up (6:00 p.m. ET)
Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.d.warner@gmail.com.
